Lam Research and Carpenter Technology shares drop following financial reports

Lam Research shares fell 11.76% after Chief Financial Officer Douglas Bettinger forecasted a lower revenue share from China for the December quarter. While the company reported a 22% revenue increase to $8.219 billion for the quarter ended September 27, Bettinger noted that near-term supply constraints limited the outlook. China accounted for 35% of revenue in the September quarter, but the company expects this to be a “significantly lower percentage” in the coming quarter due to shifts in the revenue mix.

Carpenter Technology Corp. saw its stock tumble more than 21% after reporting quarterly revenue of $798.2 million, missing the analyst consensus of approximately $830.9 million. The company attributed the shortfall to planned maintenance and fewer operating days. Despite the revenue miss, Carpenter reported record profit margins and net income of $162.5 million, which exceeded analyst expectations. The company maintained its full fiscal-year forecast for operating income.