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Lam Research: Fiscal 3Q Earnings Snapshot

Associated Press
Updated ·1-min read

FREMONT, Calif. (AP) _ Lam Research Corp. (LRCX) on Wednesday reported fiscal third-quarter profit of $574.8 million.

On a per-share basis, the Fremont, California-based company said it had net income of $3.88. Earnings, adjusted for one-time gains and costs, were $3.98 per share.

The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $4.02 per share.

The semiconductor equipment maker posted revenue of $2.5 billion in the period, which also missed Street forecasts. Five analysts surveyed by Zacks expected $2.65 billion.

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Lam Research shares have decreased 7% since the beginning of the year, while the Standard & Poor's 500 index has dropped 13%. In the final minutes of trading on Wednesday, shares hit $271.78, a climb of 39% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LRCX at https://www.zacks.com/ap/LRCX