By Max A. Cherney
SAN FRANCISCO (Reuters) – Lam Research executives gave a company update to investors on Wednesday and shares jumped as much as 3% during the roughly two-and-a-half hour presentation in New York.
During the company’s investor day, finance chief Douglas Bettinger said the company expects revenue of between $25 billion to $28 billion in 2028 and adjusted earnings of $6 to $7 a share. Adjusted gross margins will reach about 50% by 2028, the CFO said.
The last investor day Lam had was about five years ago, Chief Executive Tim Archer said.
The company also announced two new chip making tools, one focused on depositing material on silicon wafers. The second tool is designed to remove material from wafers, a process called etch.
The new equipment will help companies build more advanced versions of flash storage, random access memory and artificial intelligence chips.
(Max A. Cherney in San Francisco; Editing by Chris Reese)
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