Lam Research shares fell 9% to $236.83 in early trading after the company reported record fiscal Q1 2027 revenue of $8.22 billion and non-GAAP EPS of $2.20, but guided December-quarter revenue to $8.6 billion (plus or minus $400 million) and said supply chain constraints would have pushed it higher. CFO Doug Bettinger declined to quantify the lost revenue. The warning dragged chip equipment peers lower, with Applied Materials down 6%, ASML Holding down 4%, the iShares Semiconductor ETF (SOXX) down 4% and the Invesco QQQ Trust (QQQ) down 2%. Bettinger said demand exceeds what the industry can ship and expects China to be a 'significantly lower percentage' of revenue than the 35% seen in the September period, while the preliminary outlook calls for more than $200 billion of calendar 2027 wafer fab equipment spending. CEO Tim Archer said the company will be 'caught up very shortly' and has visibility through 2028.
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| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/21/2026 | 725.21 |
| Change that session | +1.06% |
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