Lam Research (NASDAQ:LRCX) reported its Q1 earnings, which caused a 6% drop intra-day today. While the company’s adjusted earnings per share of $6.85 beat estimates, its $3.48 billion in revenue, a 31% decrease from the previous year, only slightly exceeded expectations.

Lam Research’s CEO, Tim Archer, expressed optimism about future growth but acknowledged the soft year for wafer fabrication equipment spending.

For the upcoming quarter ending December 24, the company sees revenue of $3.4 billion to $4 billion, compared to the analyst projections of $3.65 billion, and adjusted earnings per share are expected to range from $6.25 to $7.75, compared to the anticipated $6.79.

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