Semiconductor device manufacturer Lam Nghien (LRCX) late Wednesday beat Wall Street targets for the September quarter and guided higher for the current period. LRCX stock rose in extended trading.
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The Fremont, California-based company earned $10.42 a share adjusted from sales of $5.07 billion in its fiscal first quarter ended September 25. Analysts polled by FactSet expected Lam to earn $9.57 a share on sales of $4.92 billion. During the year-earlier period, Lam earned $8.36 an adjusted share on revenue of $4.3 billion.
In overtime trading on stock market today, LRCX stock rose 1.6% to 335.25. In normal trading Wednesday, LRCX stock rose 2.5% to close at 330.08.
Detailed earnings reports to track.
Lam Research provides wafer fabrication equipment and services to the semiconductor industry. It creates deposition, etching and cleaning systems for the production of computer chips.
LRCX stock ranks 12th out of 29 stocks in IBD’s semiconductor industry group, according to Check out the IBD kho repository. It has a subpar IBD Composite Rating 41 out of 99.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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