Lam Research FQ4 Earnings: Margins Recover Yet DRAM Declines

Lam Research followed in the footsteps of WFE peer KLA with a top and bottom line beat in fiscal Q4, while guiding fiscal Q1 revenue slightly above consensus. Margins rebounded in fiscal Q4 with management forecasting fiscal Q1 GAAP operating margin to expand from Q4’s print. China’s revenue contribution dipping sequentially, which was a main focus on the call. Lam sees foundry, logic, DRAM and NAND to all rise YoY in calendar 2024. Management noted that memory’s WFE will be “biased” towards tech upgrades, meaning the recovery still may not yet be fully under way as memory’s contribution dipped QoQ.

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