Lam Research Corporation Reports Strong Q3 2024 Financial Results and Positive Outlook

Lam Research Corporation (NASDAQ: LRCX) has announced robust financial results for the third quarter of 2024, ending September 29, 2024. The company reported revenue of $4.17 billion, marking an 8% increase from the previous quarter.

The financial highlights include a U.S. GAAP gross margin of 48.0%, U.S. GAAP operating income as a percentage of revenue of 30.3%, and U.S. GAAP diluted EPS of $0.86. On a non-GAAP basis, the gross margin was 48.2%, operating income as a percentage of revenue was 30.9%, and diluted EPS was also $0.86.

Lam Research’s cash position has strengthened to $6.1 billion, up from $5.9 billion in the previous quarter. Geographically, China accounted for the largest revenue share at 37%, followed by Korea at 18%, and Taiwan at 15%.

For the fourth quarter of 2024, Lam Research projects revenue of $4.30 billion (±$300 million) with an expected gross margin of 46.9%. This positive outlook is fueled by growing demand in the semiconductor industry, particularly driven by the AI boom.

The company also recently implemented a ten-for-one stock split, effective October 2, 2024, which has adjusted all share and per-share amounts accordingly.