The earnings call reflected a positive sentiment overall, with strong revenue growth, particularly in advanced packaging and customer support, despite challenges in the NAND segment and a decline in China revenue. The company's strategic positioning in key technology inflections like advanced packaging and AI-related demand suggests optimism for future growth.

Company Guidance

In the earnings call for Q1 2025, Lam Research provided guidance highlighting several key metrics and expectations for the upcoming quarters. The company reported a strong September quarter with revenues of $4.17 billion, marking an 8% increase from the prior quarter, and earnings per share above the guided midpoint. Gross margin was reported at 48.2%, exceeding expectations. Looking ahead, Lam expects December quarter revenue to be $4.3 billion, with a gross margin of 47% and operating margins at 30%. The company anticipates that WFE spending will continue in the mid-$90 billion range for 2024, with growth expected in 2025, driven by technology advancements in NAND, DRAM, and leading-edge logic nodes. Despite a projected decline in China's contribution to revenue to approximately 30% in the December quarter, Lam remains optimistic about its ability to outperform overall WFE growth in 2025, particularly due to its strong positioning in etch and deposition technologies. The company also highlighted a significant opportunity tied to advancements in AI infrastructure and anticipates growth in high-bandwidth memory and advanced packaging segments.

Strong Revenue and Earnings Growth

Lam posted a strong September quarter, with revenues and earnings per share higher than the midpoint and profitability above the high end of the guided ranges. Revenue for the September quarter was $4.17 billion, an increase of 8% from the prior quarter.

Continued Growth in Advanced Packaging

Advanced packaging has been a highlight, driven by the performance needs of advanced AI devices. SABRE 3D revenue has more than doubled this year.

Record Free Cash Flow

Free cash flow for the quarter came in at $1.46 billion, or 35% of revenue.

Strong Customer Support Business Growth

The Customer Support Business Group generated approximately $1.8 billion in revenue for the September quarter, up 4% from the June quarter and 25% higher than the same period in 2023.

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Lam Research (LRCX) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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LRCX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 22, 2025	2025 (Q2)	0.88 / -	0.752	―	―	―
Oct 23, 2024	2025 (Q1)	0.81 / 0.86	0.685	25.55% (+0.17)
Jul 31, 2024	2024 (Q4)	0.76 / 0.81	0.598	36.12% (+0.22)
Apr 24, 2024	2024 (Q3)	0.73 / 0.78	0.699	11.44% (+0.08)
Jan 24, 2024	2024 (Q2)	0.71 / 0.75	1.071	-29.79% (-0.32)
Oct 18, 2023	2024 (Q1)	0.61 / 0.69	1.042	-34.26% (-0.36)
Jul 26, 2023	2023 (Q4)	0.51 / 0.60	0.883	-32.28% (-0.29)
Apr 19, 2023	2023 (Q3)	0.65 / 0.70	0.74	-5.54% (-0.04)
Jan 25, 2023	2023 (Q2)	1.00 / 1.07	0.853	25.56% (+0.22)
Oct 19, 2022	2023 (Q1)	0.96 / 1.04	0.836	24.64% (+0.21)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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LRCX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 23, 2024	$72.64	$76.34	+5.09%
Jul 31, 2024	$91.56	$82.53	-9.86%
Apr 24, 2024	$87.79	$89.43	+1.87%
Jan 24, 2024	$83.96	$85.69	+2.06%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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