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<p>99% of Lam Research's $1.50B quarterly revenue increase came from systems sales.

$LRCX added $1.48B in systems revenue versus June, while customer support-related revenue and other grew by just $14M.

That makes this quarter's growth highly dependent on new equipment spending. The investor question is how well earnings hold up when chipmakers slow their next round of fab investment.

The counterpoint: support-related revenue is still growing about 40% year over year, and new equipment expands the future installed base.

My test: can that installed base support profit growth through the next equipment-spending slowdown?</p>

99% of Lam Research's $1.50B quarterly revenue increase came from systems sales.
$LRCX added $1.48B in systems revenue versus June, while customer support-related revenue and other grew by just $14M.
That makes this quarter's growth highly dependent on new equipment spending. The investor question is how well earnings hold up when chipmakers slow their next round of fab investment.
The counterpoint: support-related revenue is still growing about 40% year over year, and new equipment expands the 

99% of Lam Research's $1.50B quarterly revenue increase came from systems sales. $LRCX added $1.48B in systems revenue versus June, while customer support-related revenue and other grew by just $14M. That makes this quarter's growth highly dependent on new equipment spending. The investor question is how well earnings hold up when chipmakers slow their next round of fab investment. The counterpoint: support-related revenue is still growing about 40% year over year, and new equipment expands the future installed base. My test: can that installed base support profit growth through the next equipment-spending slowdown?

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