Lam Research Corp. (NASDAQ:LRCX) is trending on Thursday, following the announcement of its second-quarter financial report.
Check out how LRCX stock is trading here.
What Happened: Lam Research witnessed a 5.55% drop to $93.59 during pre-market trading on Thursday. This occurred despite the company’s strong financial performance in the second quarter.
The California-based semiconductor manufacturing company had announced its financial results on Wednesday for the quarter, which ended on June 29.
Lam Research reported $5.17 billion in revenue, with a GAAP gross margin of 50.1% and an operating margin of 33.7%.
“Lam delivered another solid quarter, highlighted by strong gross margins and record EPS,” said Tim Archer, President and Chief Executive Officer, Lam Research.
Why It Matters: Despite Lam Research's solid second-quarter performance, shares may be slipping due to a cautious third-quarter outlook. The company expects flat revenue around $5.2 billion and earnings per share of just $1.20, with little sequential growth.
Margins are also expected to remain steady, with Lam forecasting gross and operating margins close to recent levels, showing little change from the previous quarter.
Price Action: According to the Benzinga Pro data, after gaining 0.15%, Lam's stock closed at $99.09 during regular trading hours on Wednesday. The stock's trading range has been between $56.32 and $102.59 over the past year.
With a strong Momentum in the 79th percentile, Benzinga’s Edge Stock Rankings indicate that LRCX has a positive trend across all time frames. Know how its momentum lines up with the other semiconductor manufacturers.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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