Lam Research Q2 FY22 revenue $4.23B (-2% QoQ), GAAP EPS $8.44, non-GAAP $8.53; guides Q3 revenue ~$4.25B

LAM RESEARCH CORP

2022-Q2 EPS reported $16.71 revenue$8,531,069,000

Revenue $4.23B, down 2% QoQ from $4.30B; GAAP net income $1,195M ($8.44/sh); non-GAAP net income $1,207M ($8.53/sh).
Gross margin improved 90 bps QoQ to 46.8% GAAP; operating margin 31.7% GAAP, 32.0% non-GAAP.
Cash flow from ops $1.4B; balance sheet cash $5.6B; returned $415M buybacks, $211M dividends.
Guidance: Q3 FY22 revenue $4.25B +/- $300M, GAAP EPS $7.36 +/- $0.75, non-GAAP EPS $7.45.
CEO notes record 2021, but supply chain worsened in late December causing near-term impact; expects WFE investments to grow in 2022.

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