Lam Research's (NASDAQ: LRCX) stock dipped 4% during after hours trading on Oct. 18 following the semiconductor equipment manufacturer's release of its latest earnings report. For the first quarter of fiscal 2024, which ended Sept. 24, the company's revenue declined 31% year over year to $3.48 billion, but beat the consensus forecast by $60 million.

Its adjusted EPS dropped 34% to $6.85, but also exceeded analysts' estimates by $0.72.

Lam cleared Wall Street's low bar, but its growth is still being throttled by the cyclical slowdown of the semiconductor market. However, Lam's stock has also more than doubled over the past 12 months as investors looked toward its eventual recovery.

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Source Fool.com