Lam Research stock shaky as results, outlook top Street view

Lam Research Corp.
LRCX,
+0.83%
shares fluctuated between gains and losses in the extended session Wednesday after the chip equipment maker’s results and outlook topped Wall Street estimates. Lam shares, which had risen as much as 1.5% after the report, were last down 1.2% after hours, following a 0.8% gain in the regular session to close at $366.62. The company reported fiscal first-quarter net income of $823.5 million, or $5.59 a share, compared with $465.8 million, or $4.73 a share, in the year-ago period. Adjusted earnings were $5.67 a share. Revenue rose to $3.18 billion from $2.17 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $5.20 a share on revenue of $3.11 billion. Lam expects adjusted fiscal second-quarter earnings of $5.20 to $6 a share on revenue of $3.1 billion to $3.5 billion, while analysts had forecast earnings of $5.16 a share on revenue of $3.08 billion.

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