Lam Research Corporation stock research
FY2023 Q3
Lam Research (LRCX) Gross Margin — Quarter Ended Mar 26, 2023
Revenue decreased from the prior quarter and was slightly lower than the same quarter last year. Gross profit declined more than proportionally, resulting in a lower gross margin compared to both periods.
Gross margin takeaway
Quarter ended Mar 26, 2023 · FY2023 Q3
Revenue decreased from the prior quarter and was slightly lower than the same quarter last year. Gross profit declined more than proportionally, resulting in a lower gross margin compared to both periods.
- The inclusion of restructuring charges in cost of goods sold increased total cost of revenue, which was the most observable factor behind the gross margin decline.
- Compared to the prior quarter, revenue and gross profit were lower, and gross margin weakened. Versus the same quarter last year, revenue was slightly lower, gross profit was lower, and gross margin also weakened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
41.5%
Gross profit
$1.6B
Revenue
$3.9B
Cost of revenue
$2.3B
Quarter-over-quarter change
n/a
Year-over-year change
-3.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 26, 2023 | $3.9B | $1.6B | $2.3B | 41.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Previous quarter unavailable
n/a
Year-over-year change
Mar 27, 2022
-3.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The inclusion of restructuring charges in cost of goods sold increased total cost of revenue, which was the most observable factor behind the gross margin decline.
Compared to the prior quarter, revenue and gross profit were lower, and gross margin weakened. Versus the same quarter last year, revenue was slightly lower, gross profit was lower, and gross margin also weakened.
Monitor the magnitude and recurrence of restructuring charges in cost of goods sold, as they directly affect gross margin.