Lam Research is trading 9.28% lower at $238.12 as component shortages limited December-quarter guidance and pushed some shipments into the following quarter.
- In its October 21 fiscal first-quarter report, Lam Research posted record revenue of $8.22 billion and earnings above estimates.
- Investors also focused on an expected decline in China’s revenue contribution, which was 35% of September-quarter revenue.
- The broader market is under pressure, but company-specific earnings and outlook concerns are the clearest explanation for the sharp decline.