Lam Research (NASDAQ:) shares were trading around 2% lower after-hours following the company’s Q2 earnings results, with EPS of $7.40 coming in below the consensus estimate of $7.51 and down 13% from the December quarter. The revenue was $4.06 Billion, which is lower than the $4.25 billion consensus estimate and down by 4% over the December quarter.

Non-GAAP gross Margin was 44.7% in the third quarter. This is down 210bps compared to the December quarter. Sequentially, operating income decreased by 260bps to 29.4%.

Company provided Q3 outlook. It expects EPS to range between $6.50 to $7.00, compared against the consensus figure of $8.24 and revenue to range $3.9million to $4.5billion, compared the consensus figure of $4.46 billion.

The quarter saw the company purchase stock worth $1.3 billion.

Lam Research shares are down by 33% over the past year.

By Davit Kirakosyan