Lam Research Corp. late Wednesday topped Wall Street expectations on its quarterly results and forecast a stronger-than-expected outlook given capacity constraints at chip foundries.
Lam LRCX,
Revenue rose to $3.46 billion from $2.58 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast $5.72 a share on revenue of $3.34 billion.
“With strong secular demand for semiconductors driving increased wafer fabrication equipment spending, Lam enters 2021 with solid momentum for continued growth and expanded leadership across our markets,” said Tim Archer, Lam’s chief executive, in a statement.
Chip foundries like Taiwan Semiconductor Manufacturing Co. TSM,
Lam forecast adjusted earnings of $6.15 to $6.95 a share on revenue of $3.5 billion to $3.9 billion for the fiscal third quarter. Analysts had estimated $5.75 a share on revenue of $3.32 billion.
Lam shares tossed between slight gains and slight losses after hours, following a 6.8% drop in the regular session to close at $515.04.
Over the past 12 months, Lam shares have gained 75%, while the PHLX Semiconductor Index SOX,
