US chip toolmaker KLA Corp on Thursday forecast third-quarter revenue and profit below Wall Street estimates, the latest company to signal a hit from easing demand as customers seek to reduce excess inventory."As we begin 2023, it is clear that this will be a year of industry capacity adjustments," the company said in a shareholder letter, adding that customers were adapting their capex plans for 2023 to reflect lower end demand.
KLA had earlier said its systems & service revenues could be affected in the near term by the US export regulations on the sale of US semiconductor technology to China. The company expects third-quarter revenue between US$2.2 billion and US$2.5 billion, falling short of analysts' average expectation of US$2.55 billion, according to Refinitiv IBES.
It sees current-quarter adjusted profit in the range of US$4.52 to US$5.92 per share, the midpoint of which was below expectation of US$5.89. The downbeat forecast came after KLA managed to beat Wall Street estimates for profit and revenue for the October-December quarter, benefiting from increased customer demand across each of the major product group in the quarter.
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