FREMONT, Calif. (AP) — FREMONT, Calif. (AP) — Lam Research Corp. (LRCX) on Wednesday reported fiscal first-quarter net income of $1.57 billion.
On a per-share basis, the Fremont, California-based company said it had profit of $1.24. Earnings, adjusted for non-recurring costs, came to $1.26 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.21 per share.
The semiconductor equipment maker posted revenue of $5.32 billion in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $5.22 billion.
For the current quarter ending in December, Lam Research expects its per-share earnings to range from $1.05 to $1.25.
The company said it expects revenue in the range of $4.9 billion to $5.5 billion for the fiscal second quarter.
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