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Home News

KLA Corp. Exceeds Expectations in Q4, Shares Soar

by Administrator Forexezy
July 29, 2023
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KLA Corp., a leading chip-equipment maker, saw its shares soar after hours on Thursday, following an impressive outlook and strong quarterly results that surpassed Wall Street expectations.

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Strong Financial Performance

In the fiscal fourth quarter, KLA reported a net income of $684.7 million, or $4.97 per share, compared to $805.4 million, or $5.40 per share, in the same period last year. Adjusted earnings, which exclude stock-based compensation expenses and other items, stood at $5.40 per share, down from $5.81 per share in the prior year.

While the company experienced a decline in revenue from $2.49 billion to $2.36 billion year-over-year, it comfortably surpassed analysts’ estimates of adjusted earnings at $4.86 per share on revenue of $2.25 billion.

Market Reaction

Following the release of the impressive results, KLA’s stock surged 3% after hours, adding to the 5.4% gain during regular trading hours where it closed at $482.35.

Positive Future Outlook

KLA has forecasted earnings of $4.75 to $5.95 per share on revenue between $2.2 billion and $2.5 billion for the first quarter of the fiscal year. Analysts surveyed by FactSet had expected earnings of $4.75 per share on revenue of $2.23 billion for Q1.

Overall Market Performance

Year to date, KLA shares have increased by 28%, outperforming the PHLX Semiconductor Index (up 49%) and the S&P 500 index (up 18%).

The positive momentum in the chip-equipment industry has also been reflected in the upbeat results from Lam Research Corp., where chip-equipment suppliers have collectively rallied.

Read: Lam Research CEO: AI servers are ‘fundamental’ to driving growth in next several years

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