Q3 2025 Lam Research Corp Earnings Call Transcript
Key Points
- Lam Research Corp (LRCX) reported a record quarter for foundry revenues, demonstrating strong product momentum in leading-edge technology inflections.
- The company achieved the highest quarterly gross margin percentage since the Novellus merger, indicating successful operational efficiencies.
- Lam Research Corp (LRCX) is witnessing strong momentum in deposition and etch technologies, with significant wins in atomic layer deposition and conductor etch applications.
- The Customer Support Business Group (CSBG) saw record revenues in the upgrades business, driven by NAND technology conversions and active upgrades by key DRAM and foundry logic customers.
- Lam Research Corp (LRCX) is leading in virtual fabrication with new licensing agreements for its SEMulator3D platform, enhancing equipment performance and process optimization.
- The company is facing challenges due to tariffs and a dynamic global economic environment, which could impact future operations.
- Lam Research Corp (LRCX) experienced a decrease in memory systems revenue, with non-volatile memory and DRAM segments showing declines from the previous quarter.
- The logic and other systems revenue decreased, driven by reduced leading-edge spending.
- There is uncertainty regarding the sustainability of the current gross margin levels due to potential changes in customer mix and product mix.
- The company anticipates a first-half-weighted year, with potential revenue declines in the second half due to the loss of business from restricted Chinese customers.
Good afternoon, and welcome to the Lam Research March 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Ram Ganesh, Vice President, Investor Relations. Please go ahead.
Thank you, and good afternoon, everyone. Welcome to the Lam Research quarterly earnings conference call. With me today are Tim Archer, President and Chief Executive Officer; and Doug Bettinger, Executive Vice President and Chief Financial Officer.
During today's call, we will share our overview on the business environment and we'll review our financial results for the March 2025 quarter and our outlook for the June 2025 quarter.
The press release detailing our financial results was distributed a little after 1:00 PM Pacific time. The release can be found on the Investor Relations section of the company's website, along with the presentation slides that accompany today's call.
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