Lam Research: Fiscal Q2 Earnings Snapshot

FREMONT, Calif. (AP) _ Lam Research Corp. (LRCX) on Wednesday reported fiscal second-quarter net income of $1.47 billion.

On a per-share basis, the Fremont, California-based company said it had net income of $10.77. Earnings, adjusted for one-time gains and costs, came to $10.71 per share.

The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $9.95 per share.

The semiconductor equipment maker posted revenue of $5.28 billion in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $5.08 billion.

For the current quarter ending in March, Lam Research expects its per-share earnings to range from $5.75 to $7.25. Analysts surveyed by Zacks had forecast adjusted earnings per share of $9.54.

The company said it expects revenue in the range of $3.5 billion to $4.1 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $4.94 billion.

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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