Chip equipment maker Lam Research moves to fiscal 3rd-quarter profit as revenue soars

Lam Research moves to 3Q profit as revenue jumps

FREMONT, Calif. — Lam Research Corp., which makes equipment for the semiconductor industry, said Wednesday that it moved to a fiscal third-quarter profit as sharply higher revenue and gains in market share boosted results.

For three months ended March 28, the company earned $120.3 million, or 94 cents per share, compared with a loss of $198.4 million, or $1.58 per share, in the same period a year earlier.

Revenue jumped to $632.8 million from $174.4 million.

Analysts, on average, expected profit of 82 cents per share on revenue of $623.8 million, according to a poll by Thomson Reuters.

Lam’s shipments for the quarter were at an all-time high, “reflecting market share gains in both our etch and clean businesses, supported by strong operational performance of the factory and supply chain,” said Steve Newberry, president and CEO, in a statement.

Shares slid 42 cents to close at $39.99. The stock lost 99 cents, or 2.4 percent, to $39 in aftermarket activity.