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Non-GAAP gross margin was 44.7% during the quarter, down 210bps from the December quarter. Operating income fell 260bps sequentially to 29.4%.
The company provided its Q3 outlook, expecting EPS to range from $6.50 to $8.00, compared to the consensus of $8.24, and revenue to range from $3.9 million to $4.5 billion, compared to the consensus of $4.46 billion.
The company repurchased $1.3 billion in stock during the quarter.
Shares of Lam Research are down 33% year-to-date.
By Davit Kirakosyan
