KLA reported a 5.1% decline in revenues for the March quarter (third quarter of KLA?s fiscal 2024, ending in June) due to ongoing softness in leading-edge investments across both logic and memory. Strength in legacy node investment and consistent performance in services and support have partially offset weak industry conditions, however, and provided stability to KLA?s performance through this downturn. Although we do not expect a sharp recovery in WFE markets over the next 12 months, a broader stabilization and expanding capacity investments in leading edge logic and memory should enable the firm to reverse recent revenue declines and return the firm to growth as early as the June quarter. KLA?s technology leadership and increasingly complex yield challenges at sub-7-nanometer
