# Lam Research Shares Fall 11.76% After CFO Forecasts Lower China Revenue Share By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/39042 Published: 2026-10-23T14:19:14.000Z Updated: 2026-10-23T14:19:14.000Z Section: Investing > The company cited near-term supply constraints in its $8.60 billion December-quarter revenue outlook. China represented 35% of September-quarter revenue, compared with 26% in June. Lam Research shares fell 11.76% to $230.15 Thursday after Chief Financial Officer Douglas Bettinger forecast a smaller China revenue share for the company’s December quarter. The stock’s 4 p.m. ET close on Oct. 22 was down $30.66 on the session. The move came one day after Lam published its [quarterly results and December-quarter outlook](). Revenue rose from $6.722 billion for the quarter ended June 28 to $8.219 billion for the period ended Sept. 27, an increase of about 22%. Diluted earnings were $2.19 per share under U.S. generally accepted accounting principles and $2.20 on a non-GAAP basis, a 1-cent difference between the measures. For the quarter ending Dec. 27, Lam set its revenue midpoint at $8.60 billion, with a $400 million range above and below. That equals a projected range of $8.20 billion to $9 billion. The company forecast non-GAAP diluted earnings of $2.33 per share, plus or minus $0.15, or $2.18 to $2.48. Both outlook ranges cover the December quarter. Bettinger said near-term supply constraints limited the revenue outlook. “This revenue guide would have been a bit higher,” he said on the company’s earnings call at 5 p.m. ET on Oct. 21. He did not quantify how much higher the forecast might have been without those constraints. China made up 35% of Lam’s September-quarter revenue, compared with 26% in the June quarter, a nine-percentage-point increase. Those percentages show China’s portion of Lam’s total revenue, rather than standalone sales figures. Bettinger said China would represent a “significantly lower percentage” of revenue in December. He tied the expected shift to Chinese domestic customers and said multinational customers there would likely remain reasonably strong. Bettinger gave no target percentage for China’s December-quarter share, and Lam provided no dollar estimate for sales from the country. The CFO described an expected change in revenue mix, without quantifying a change in China revenue. Lam sells wafer-fabrication equipment used in deposition, etch and cleaning. Its revenue also includes customer services, spare parts and upgrades. ## Links in this article - [quarterly results and December-quarter outlook](https://www.tokenpost.com/news/investing/38258)