TSMC, Intel-Supplier Lam Research Dips In Pre-Market Despite Strong Quarterly Earnings And Projection
Portfolio Pulse from Benzinga Neuro
Lam Research Corporation (NASDAQ:LRCX) experienced a 2.63% dip in pre-market trading despite strong quarterly earnings and projections. The company reported revenue of $3.87 million and a non-GAAP gross margin of 48.5% for the June 2024 quarter. Despite surpassing analyst revenue predictions for the next quarter, the stock dipped, likely due to high investor expectations. Increased demand for AI-powered chips benefits Lam Research, which competes with Applied Materials, ASML, and KLA Corp.
August 01, 2024 | 12:33 pm
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Lam Research Corporation (NASDAQ:LRCX) experienced a 2.63% dip in pre-market trading despite strong earnings and projections. The company reported revenue of $3.87 million and a non-GAAP gross margin of 48.5% for the June 2024 quarter. Despite surpassing analyst revenue predictions for the next quarter, the stock dipped, likely due to high investor expectations.
Despite strong earnings and projections, Lam Research's stock dipped in pre-market trading. This suggests that investor expectations were already high, and the strong performance was not enough to drive the stock price up further. The dip indicates a short-term negative impact on the stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Lam Research's shares had previously risen by 6.35% in response to strong second-quarter earnings from Advanced Micro Devices, Inc. (NASDAQ:AMD). The positive performance of AMD often boosts sentiment across the semiconductor sector, benefiting companies like Lam Research.
The strong performance of AMD positively impacts the sentiment in the semiconductor sector, which can benefit Lam Research. This indicates a short-term positive impact on AMD's stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50