KLA forecasts fiscal Q1 revenue above estimates after strong quarter

KLA Corp forecast revenue and profit for its fiscal first quarter above expectations after posting better-than-expected results for the preceding three months on Wednesday, sending its shares up 3% in after-hours trading.

A surge in AI applications is driving demand for high-end chips benefiting a battery of chip producers as well as ancillary suppliers such as KLA.

“We are encouraged by the early signs of a strengthening market environment for our customers at the leading edge and are increasingly confident in our plan for steady improvement throughout the remainder of this calendar year and into 2025,” CEO Rick Wallace said.