Lam Research: Fiscal Q1 Earnings Snapshot

FREMONT, Calif. (AP) — FREMONT, Calif. (AP) — Lam Research Corp. (LRCX) on Wednesday reported fiscal first-quarter profit of $887.4 million.

On a per-share basis, the Fremont, California-based company said it had net income of $6.66. Earnings, adjusted for non-recurring costs, were $6.85 per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $6.07 per share.

The semiconductor equipment maker posted revenue of $3.48 billion in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $3.41 billion.