Semiconductor equipment maker Lam Research (LRCX) late Wednesday beat Wall Street’s targets for its fiscal second quarter and guided higher for the current period. LRCX stock rose in extended trading.
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The Fremont, Calif.-based company earned an adjusted $7.52 a share on sales of $3.76 billion in the quarter ended Dec. 24. Analysts polled by FactSet had expected Lam earnings of $7.12 a share on sales of $3.72 billion. In the year-earlier period, Lam earned an adjusted $10.71 a share on sales of $5.28 billion.
In after-hours trading on the stock market today, LRCX stock climbed more than 1% to 860. During the regular session Wednesday, LRCX stock rose 2.1% to close at 848.16. Earlier in the session, it hit an all-time high of 858.34.
Earnings report details to follow.
Lam Research ranks 10th out of 27 stocks in IBD’s semiconductor equipment industry group, according to IBD Stock Checkup. LRCX stock has an IBD Composite Rating of 90 out of 99.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
