Lam Research Corp (LRCX)

Lam Research Corporation Stock (LRCX) dropped by 6.27% from $642.24 to $601.95 in the trading on Thursday October 19, 2023. The reason why LRCX stock down today is due to the Q1 2024 earnings. Lam Research delivered results in Q1 2024, but decline in revenue, a sign demand for chipmaking equipment remains sluggish, seemed to weigh on the stock as did the broader market sell-off, causing LRCX stock down today.

• Revenues of $3.48 billion, declined 31.4% year over year. This was attributed to weakness in the systems business due to sluggish memory spending.
• Customer support-related revenue of $1.43 billion, weaker than the consensus of $1.51 billion.
• System revenues were $2.06 billion, down 35.4% from the year-ago fiscal quarter’s figure.