KLA Corporation (NASDAQ:KLAC) Faces Stock Drop Despite Beating Q2 Sales Estimates
KLA Corporation (NASDAQ:KLAC) reported Q2 FY2024 revenue of $2.49 billion, surpassing analyst estimates, but its stock dropped as next quarter's revenue guidance of $2.3 billion fell short. The company's non-GAAP profit was $6.16 per share, down from $7.38 per share in the same quarter last year. KLA Corporation's inventory days outstanding came in at 283, 71 days above its five-year average, indicating higher inventory levels. The semiconductor industry's cyclical nature and demand for advanced electronic products drive KLA Corporation's sales growth, which has slowed over the last three quarters.