Lam Research: Fiscal Q3 Earnings Snapshot

April 20, 2022 GMT

FREMONT, Calif. (AP) _ Lam Research Corp. (LRCX) on Wednesday reported fiscal third-quarter profit of $1.02 billion.

The Fremont, California-based company said it had net income of $7.30 per share. Earnings, adjusted for one-time gains and costs, came to $7.40 per share.

The results missed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $7.48 per share.

The semiconductor equipment maker posted revenue of $4.06 billion in the period, also falling short of Street forecasts. Seven analysts surveyed by Zacks expected $4.25 billion.

For the current quarter ending in June, Lam Research expects its per-share earnings to range from $6.50 to $8. Analysts surveyed by Zacks had forecast adjusted earnings per share of $8.06.

The company said it expects revenue in the range of $3.9 billion to $4.5 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $4.44 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