KLA Corporation reported fiscal year 2024 results with revenue of $9.81 billion, down 7% year-over-year, and net income of $2.76 billion. The decline was primarily attributed to a broad macro-driven semiconductor industry slowdown, causing customers to rebalance supply chains and reduce inventory levels. Gross margin remained stable at 60% while operating expenses were well-managed with R&D at $1.28 billion and SG&A at $970 million.The company recorded impairment charges of $289.5 million related to goodwill and purchased intangible assets in its PCB and Display business segment, and announced plans to exit the Display business by December 2024 while continuing to provide services for the installed base. Services revenue grew 10% to $2.33 billion, driven by an expanding installed base, partially offsetting the 11% decline in product revenue.Looking ahead, KLA maintained strong market position with $9.83 billion in remaining performance obligations. The company continued returning value to shareholders through $773 million in dividends and $1.74 billion in share repurchases. Cash, cash equivalents and marketable securities stood at $4.50 billion as of June 30, 2024, reflecting solid operational execution and financial discipline.

KLA Corporation reported fiscal year 2024 results with revenue of $9.81 billion, down 7% year-over-year, and net income of $2.76 billion. The decline was primarily attributed to a broad macro-driven semiconductor industry slowdown, causing customers to rebalance supply chains and reduce inventory levels. Gross margin remained stable at 60% while operating expenses were well-managed with R&D at $1.28 billion and SG&A at $970 million.The company recorded impairment charges of $289.5 million related to goodwill and purchased intangible assets in its PCB and Display business segment, and announced plans to exit the Display business by December 2024 while continuing to provide services for the installed base. Services revenue grew 10% to $2.33 billion, driven by an expanding installed base, partially offsetting the 11% decline in product revenue.Looking ahead, KLA maintained strong market position with $9.83 billion in remaining performance obligations. The company continued returning value to shareholders through $773 million in dividends and $1.74 billion in share repurchases. Cash, cash equivalents and marketable securities stood at $4.50 billion as of June 30, 2024, reflecting solid operational execution and financial discipline.