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Lam Research Withdraws March Quarter Outlook On COVID-19 Impact - Quick Facts

Lam Research Corp. (LRCX) said Tuesday it is withdrawing its prior financial guidance for the fiscal quarter ending March 29, 2020 due to the disruptions and uncertainties resulting from the coronavirus pandemic.

The semiconductor company said that on March 16, 2020, multiple bay area counties in California issued a "shelter-in-place" order, which requires the company to temporarily stop on-site work at its Fremont and Livermore locations for three weeks effective March 17, 2020.

Lam Research, which has supply chain activities in Malaysia, added that the Malaysian government issued an order on Monday to close certain business activities from March 18 through March 31, 2020.

The company noted that the implementation of these orders prevents it from manufacturing products at its Livermore and Fremont, California facilities as well as receiving required parts from key suppliers.

According to Lam Research, these government directives may impact its ability to meet its March quarter financial guidance. As a result, the company is withdrawing its prior financial guidance for the fiscal quarter ending March 29, 2020.

"As we closely monitor the impact of the COVID-19 virus, our top priority remains the health and safety of our employees and partners. The situation is evolving, and we will provide more information during our next earnings call," Lam Research said.

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