Lam Research Corporation stock research
FY2024 Q1
Lam Research (LRCX) Gross Margin — Quarter Ended Sep 24, 2023
Revenue and gross profit were higher than the prior quarter but lower than the same quarter one year earlier. Cost of revenue followed a similar pattern, and gross margin improved compared to both periods.
Gross margin takeaway
Quarter ended Sep 24, 2023 · FY2024 Q1
Revenue and gross profit were higher than the prior quarter but lower than the same quarter one year earlier. Cost of revenue followed a similar pattern, and gross margin improved compared to both periods.
- Compared to the prior quarter, revenue increased more than cost of revenue, driving a higher gross profit and margin. Versus the year-ago quarter, both revenue and cost of revenue declined, but cost declined at a faster rate, resulting in an improved gross margin.
- Gross margin improved sequentially and year-over-year, with the current quarter's margin higher than both the prior quarter and the same quarter last year.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
47.5%
Gross profit
$1.7B
Revenue
$3.5B
Cost of revenue
$1.8B
Quarter-over-quarter change
+2.1 pts
Year-over-year change
+1.5 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% |
| Jun 25, 2023 | $3.2B | $1.5B | $1.7B | 45.5% |
| Sep 24, 2023 | $3.5B | $1.7B | $1.8B | 47.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 25, 2023
+2.1 pts
Year-over-year change
Sep 25, 2022
+1.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Compared to the prior quarter, revenue increased more than cost of revenue, driving a higher gross profit and margin. Versus the year-ago quarter, both revenue and cost of revenue declined, but cost declined at a faster rate, resulting in an improved gross margin.
Gross margin improved sequentially and year-over-year, with the current quarter's margin higher than both the prior quarter and the same quarter last year.
Monitor restructuring charges included in cost of goods sold, as they appeared in the current quarter but were absent in the year-ago period.