The latest update is out from KLA (KLAC).
KLA Corporation has announced its plan to withdraw from the flat panel display market by December 31, 2024, following the cancellation of a key project by a major customer. This segment contributed 1.4% to the company’s 2023 revenue. KLA will continue supporting existing customers of the discontinued lines and has updated its financial guidance, expecting non-cash expenses of $60-$70 million for inventory write-offs and $50-$70 million for asset impairments. Despite these costs, KLA maintains its revenue forecast for the March 2024 quarter and anticipates a slight positive impact on future profit margins from the exit strategy.
For an in-depth examination of KLAC stock, go to TipRanks’ Stock Analysis page.
