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Lam Research Corporation (LRCX+0.61%) has submitted its 10-Q filing for the quarterly period ended December 29, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $4,376,047,000 from $4,167,976,000 in the previous quarter. This increase is attributed to strengthened memory investments in both the NAND and DRAM market segments.
Gross margin for the quarter was $2,072,981,000, representing 47.4% of revenue, compared to 48.0% in the previous quarter. The decrease in gross margin percentage is primarily due to unfavorable customer mix.
Research and development expenses were $494,947,000, consistent with the previous quarter, reflecting ongoing investments in leading-edge semiconductor manufacturing processes.
Selling, general, and administrative expenses were $244,150,000, slightly up from $243,128,000 in the prior quarter, driven by increases in incentive compensation and supplies expenses.
Net income for the quarter was $1,191,018,000, up from $1,116,444,000 in the previous quarter. Diluted net income per share was $0.92, compared to $0.86 in the previous quarter.
Cash provided by operating activities was $2,310,413,000, while cash used in investing and financing activities was $285,926,000 and $2,194,551,000, respectively.
Lam Research had cash, cash equivalents, and restricted cash of $5,677,399,000 as of December 29, 2024. The company continues to focus on managing its resources to support its operations and strategic initiatives.
The filing also details the company's efforts to manage supply chain risks, including the impact of increased costs and transportation disruptions.
Lam Research's restructuring plan, initiated in fiscal year 2023, was substantially completed by June 30, 2024, with cumulative costs totaling $181,900,000.
The company remains focused on technological advancements and maintaining its competitive position in the semiconductor equipment industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lam Research Corporation quarterly 10-Q report dated January 31, 2025. To report an error, please email earnings@qz.com.