Lam Research Reports Higher 2Q Profit, Says Supply-Chain Conditions Worsened in Late December

By Maria Armental

Lam Research Corp. reported higher December-quarter profit and revenue and company officials said supply-chain conditions worsened in late December.

Second-quarter profit rose to $1.19 billion from $869.2 million a year earlier. On a per-share basis, the profit was $8.44, or $8.53 as adjusted.

Revenue for the quarter ended Dec. 26 rose to $4.23 billion from $3.46 billion a year earlier.

Analysts surveyed by FactSet had projected $8.43 a share in profit, or $8.52 a share as adjusted, on $4.41 billion in revenue.

"Lam delivered record calendar year 2021 financial performance within a robust wafer fabrication spending environment" Chief Executive Tim Archer said in a statement, adding: "While supply chain conditions worsened in late December and are causing near-term impacts to our results, we expect wafer fabrication equipment investments to again increase in calendar year 2022, leading to another strong growth year for Lam."

Write to Maria Armental at [e-mail]

(END) Dow Jones Newswires

01-26-22 1634ET