Lam Research Corp. fell in the extended session Wednesday after the semiconductor-making-equipment supplier beat on earnings and forecast a likely beat in the current quarter amid continuing supply constraints.
shares slipped 1.4% after hours, following a 4.6% gain to close the regular session at $467.66.
The company reported fiscal fourth-quarter net income of $1.21 billion, or $8.74 a share, compared with $1.02 billion, or $7.30 a share, in the year-ago period. Adjusted earnings, which exclude amortization and other items, were $8.83 a share.
Revenue rose to $4.64 billion from $4.15 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast adjusted earnings of $7.32 a share on revenue of $4.21 billion, based on Lam’s forecast of $6.50 to $8 a share on sales of $3.9 billion to $4.5 billion.
“Lam delivered record levels of revenue and earnings per share in the June quarter, while continuing to operate in a supply-constrained environment,” said Lam Research Chief Executive Tim Archer in a statement.
Lam forecast fiscal first-quarter adjusted earnings of $8.75 to $10.25 a share on sales of $4.6 billion to $5.2 billion. Analysts on average were projecting earnings of $8.72 a share on revenue of $4.63 billion for the the first quarter, according to FactSet.
Supply-chain issues have dogged the company since last year, as it has other companies in the space like KLA Corp.
which reports earnings Thursday. Last week, ASML Holding NV
also mentioned supply-chain constraints and lowered its revenue forecast for the year as fast orders will push revenue recognition for those sales into next year.
Lam Research shares have fallen 26% over the past 12 months, compared with a 10% drop in the PHLX Semiconductor Index
a 9% decline by the S&P 500 index
and an 18% fall in the tech-heavy Nasdaq Composite Index