Lam Research profits plummet
Lam Research releases disappointing financial results for the quarter ending June 24, 2012.
US-based semiconductor equipment maker, Lam Research, has reported a massive decline in sales and profits for the quarter ending June, 2012.
The company's net income fell to $18.1 million, or 13 cents per share, from a relatively hefty $125.9 million, or $1.01 per share, a year earlier.
Compared to the year-ago quarter, profits fell 85.7 percent and revenue dipped 1.4 percent.
The business points to higher operating costs - operating expenses rose 35 percent to $265.5 million - but also highlights its recent merger with US CVD equipment maker, Novellus Systems, stating that accounting adjustments have affected its results and outlook.
Shares of the company were down about 4 percent at $32.90 following the announcement.
Lam Research manufactures plasma etch- and single-wafer clean equipment for next-generation semiconductor devices.
Recently adding thin-film deposition and surface preparation to its product lines, the company believes it is well-positioned within the industry to support critical technology transitions including 3D structures in advanced logic and NAND memory, as well as the scaling to 450 mm wafers.
