New U.S. chip limitations won't have a significant impact, according to Lam Research.

The new U.S. export limits announced on Tuesday won't have a significant impact, according to chip tool manufacturer Lam Research, as China is still a significant market.
Lam reported $3.5 billion in revenue for the three months that ended on September 24—a 31.4% decrease year over year.

The company's top line was primarily contributed by China, and CEO Tim Archer was upbeat about the future.

On the results call on Wednesday, Archer stated that "nothing new came from the regulations that you saw yesterday." So as we move into the upcoming year and, quite frankly, beyond, I see a level of sustainability in China. They have long-range goals.

Shares of Lam Research fell more than 5% during Wednesday's extended trading.

China continues to be Lam's largest revenue contributor, contributing 48% of the total in the three-month period, up from 30% a year ago and 26% in the previous quarter, despite the semiconductor-related export curbs that were initially announced in October 2022 and prevented American companies from shipping advanced chip equipment to China without a license.

According to Lam, a slower general pace of equipment expenditure by clients in other countries under a difficult macroeconomic climate was a contributing factor in this quarter's increased share of China revenue.