Why Lam Research (LRCX) Stock Is Falling After an Earnings Beat

TLDR Lam Research (LRCX) stock fell about 6% in after-hours trading Wednesday and was down 8% premarket Thursday at $239.31, after closing at $260.81. Revenue was $8.22 billion and non-GAAP EPS was $2.20, beating estimates of $8.13 billion and $2.18. December quarter guidance is $8.60 billion in revenue, above the $8.538 billion consensus, with EPS of $2.33 at the midpoint. China made up 35% of sales, followed by Korea at 20% and Taiwan at 18%. Wide guidance ranges and an 80% rise over the past year likely led investors to take profits. Lam Research (LRCX) stock dropped about 8% in premarket trading Thursday, hitting $239.31. It closed Wednesday at $260.81, down 1%, before the report came out.

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