Lam Research stock has lost over $240 per share so far this year, what is going on?

The stock market is taking a beating and Lam Research Corporation is feeling the heat, the stock was selling for over $731.85 per share just at the beginning of this year 2022. But now, the stock is down by as much as $240 per share, it now selling and closed today at $449.50 per share. That is a 33.09% loss on the stock price year to date.

Lam Research is an American-based company, the company supplies wafer fabrication equipment and other services for the semiconductor industry.

A lot of technology stocks or Chipmaker stocks are losing money per share this year and it may be due to the war in Ukraine, the inflation rate issue around the world, and the Pandemic.

Lam Research stock has been trading down due to supply chain issues, the company said in its most recent earnings report.

“I am disappointed that we are not performing better in a very strong demand environment for our equipment and services,” Lam Research Chief Executive Tim Archer told analysts on the call. “Continued component shortages, along with new challenges that emerged, including COVID-related lockdowns, exacerbated an already stressed supply-chain situation.”

“We are focused on meeting the critical needs of our customers and have committed both the financial resources and workforce required to recover as quickly as possible,” Archer said. “With continued strength in the equipment demand environment, and progressive improvement in our supply chain, we do expect Lam to post another solid year of revenue and EPS growth.”

Lam Research reported a third-quarter net income of $1.02 billion, or $7.30 a share, compared with $1.07 billion, or $7.41 a share, in the year-ago period. Adjusted earnings, which exclude amortization and other items, were $7.40 a share, compared with $7.49 a share in the year-ago period.

Revenue rose to $4.06 billion from $3.85 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast adjusted earnings of $7.52 a share on revenue of $4.25 billion, based on Lam’s forecast of $6.70 to $8.20 a share on sales of $3.95 billion to $4.55 billion.- the Marketwatch.