$LRCX (+0.11%) | Lam Research Q1'25 Earnings Highlights:

🔹 Revenue: $4.17B (Est. $4.05B) 🟢; UP +8% QoQ

🔹 EPS: $0.86 (Est. $0.81) 🟢; UP +10% QoQ 

🔹 Gross Margin: 48.0%; UP 50 bps QoQ

🔹 Operating Income Margin: 30.3%; UP 120 bps QoQ

Q2 Guidance:

🔹 Revenue: $4.0B-$4.6B (Midpoint $4.3B; Est. $4.22B) 🟢

🔹 EPS: $0.77-$0.97 (Midpoint $0.87; Est. $0.85) 🟢

🔹 Gross Margin: 47.0% ± 1%

Key Operational Metrics:

🔹 Systems Revenue: $2.39B; UP from $2.17B in Q2 FY2024

🔹 Customer Support & Other Revenue: $1.78B; UP from $1.70B QoQ

Geographic Revenue Breakdown:

🔸 China: 37%

🔸 Korea: 18%

🔸 Taiwan: 15%

🔸 United States: 12%

🔸 Japan: 7%

🔸 Southeast Asia: 6%

🔸 Europe: 5%

Balance Sheet & Cash Flow:

🔹 Cash, Cash Equivalents, and Restricted Cash: $6.1B (vs. $5.9B QoQ)

🔹 Deferred Revenue: $2.05B (vs. $1.55B QoQ)

🔹 Capital Expenditure: Continued investments to support long-term technology inflections

Strategic Highlights:

🔸 Stock Split: Effective October 2, 2024 (10-for-1 split)

🔸 Technology Focus: Strong focus on etch and deposition technologies to enable next-gen semiconductors

🔸 Customer Support: Increased customer service and spares revenue via Reliant® product line

🔸 Deferred Revenue Growth: Increased deferred revenue in Japan due to acceptance-based accounting

CEO Commentary:

🔸 Tim Archer, CEO:

"Lam delivered another quarter of strong financial performance, ahead of expectations. As we continue to focus on etch and deposition technologies, we remain well-positioned to outperform wafer fabrication equipment (WFE) market growth in 2025 and beyond.