An in line quarter
Applied reported a quarter just above the mid point of guidance and analyst numbers (which mimic guidance) with revenues of $3.56B and EPS of $0.74 with guidance of $3.685B+-$150M and EPS o $0.72 to $0.80, also in line with current expectations. All in all a fairly boring quarter with business bouncing along a soft… Read More
Nice house in a neighborhood in decline
Lam posted EPS and revenues ahead of reduced expectations, but guided the current quarter below street current estimates.
Is a “beat” really a “beat” if its against greatly reduced numbers? We would remind investors that we are looking at EPS cut more or less in … Read More
2020 capex likely down at least 20% vs 2019 DRAM & NAND price drops versus slowing capacity. Investors happy cause it could have been worse.
Micron reported $1.05 in Non-GAAP EPS beating street consensus of $0.79 by $0.26. While this looks like a big beat, we would remind investors that estimates for the quarter were about… Read More
Nice numbers despite the cycle bottom
KLA put up EPS of $1.80 versus street of $1.67 on revenues of $1.097B versus street of $1.08B. However guidance was weaker than the street was hoping for with a range of $1.21B to $1.29B in revenues generating between $1.55 and $1.85 in non GAAP EPS. This is compared to current street estimates … Read More
The semiconductor equipment market grew 37.3% in 2017 on the heels of capex spend by memory companies in order to increase bit capacity and move to more sophisticated products with smaller nanometer dimensions. Unfortunately these companies overspent resulting in excessive oversupply of memory chips. As memory prices started… Read More
Micron Buries the Hatchet with China
Micron has a very long history of counter cyclical investing, buying the assets of vanquished competitors when the memory industry is at the bottom of the cycle, such as it is right now.
Over the weekend, Micron announced that it had an agreement to acquire the assets of the now stalled Jinhua memory… Read More
ASML reported a more or less in line quarter as expected, coming in at EUR3.14B in revenues and EPS of EUR1.87. However, guidance was worse than most analysts were expecting with Q1 revenues expected to be EUR2.1B or down about one third.
This cut is something we have been talking about for a while as we have expected sharp memory CAPEX… Read More
TSMC reported an in line quarter, as expected and also reported down Q1 guidance, also as expected. The only thing some investors may have been caught off guard about is the magnitude of the expected drop, 14%, from $9.4B to $7.35B. This is the largest quarter over quarter drop for TSMC in a very long time. Importantly for TSMC, 7NM … Read More
We attended the Needham Growth Conference which is one of the first conferences of the year and in the quiet period before most companies reported so even though there was no “official” comment from most companies on the quarter, the surrounding commentary spoke volumes:
