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KLA Corporation (NASDAQ:KLAC) fell 5.5% during after-hours trading Thursday despite reporting quarterly earnings that beat consensus estimates, as the company’s forecasts came on the light side of Wall Street expectations.
Total revenues for the second quarter of fiscal year 2024 came in at $2.49B versus the $2.46B consensus. It was also higher than the prior quarter’s revenue of $2.4B but less than the same quarter one year prior ($2.98B).
Earnings per share at $6.16 was $0.28 above consensus estimates of $5.88.
Capital returns for the quarter and last 12 months were $634.7M and $2.5B, respectively.
“While market conditions remain challenging in the near term, with limited visibility regarding the timing of a resumption in sustainable demand, we believe our business has stabilized around current revenue levels,” said CEO Rick Wallace.
Investors appeared to look poorly on the company’s look ahead for the third quarter, ending in March. KLA expects earnings per share to range from $4.66 to $5.86, vs. consensus for $5.86.
KLA expects total revenue for the upcoming quarter will range from $2.175B to $2.425B, which is below the consensus of $2.46B.
KLA manufactures chips, reticle, packaging, surface profilers, nanochemical testers, KT pro equipment, and compound semiconductors.