Semiconductor equipment maker Lam Research (NASDAQ:LCRX) will be announcing earnings results tomorrow after market hours. Here's what to expect.
Last quarter Lam Research reported revenues of $4.22 billion, up 51.3% year on year, missing analyst expectations by 4.26%. It was a weak quarter for the company, with an underwhelming revenue guidance for the next quarter and a miss of the top line analyst estimates.
Is Lam Research buy or sell heading into the earnings? Read our full analysis here, it's free.
This quarter analysts are expecting Lam Research's revenue to grow 10% year on year to $4.24 billion, slowing down from the 53.7% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $7.52 per share.
The analysts covering the company have been growing increasingly bearish about the business heading into the earnings, with revenue estimates seeing three downward revisions over the last thirty days. The company missed Wall St's revenue estimates three times over the last two years.
With Lam Research being the first among its peers to report earnings this season, we don't have anywhere else to look at to get a hint at how this quarter will unravel for semiconductor stocks, but the whole sector has been facing a sell-off since late last year, with stocks down on average 9.57% over the last month. Lam Research is down 12.2% during the same time, and is heading into the earnings with analyst price target of $700.8, compared to share price of $471.15.
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The author has no position in any of the stocks mentioned.