KLA Corp has decided to exit its flat panel display business, citing the cancellation of a major project and will complete the exit by December 31, 2024. The FPD business accounted for 1.4% of the company's total revenue in 2023. The company expects to incur non-cash expenses of $60-$70 million for inventory write-offs and $50-$70 million for impairment of goodwill and intangible assets. The decision will not affect revenue expectations for the March 2024 quarter. Revised guidance for the March quarter includes a GAAP gross margin of 56.6% +/- 1.0% and a GAAP diluted EPS of $4.06 +/- $0.60.