Why Lam Research Shares Are Rising

Lam Research Corporation LRCX shares are trading higher by 0.98% to $333.33 after the company reported better-than-expected first-quarter EPS and sales figures and issued guidance.

What Happened?

Lam Research reported quarterly earnings of $10.42 per share, which beat the analyst consensus estimate of $9.55. The company also reported quarterly sales of $5.07 billion, which beat the analyst consensus estimate of $4.88 billion by 4%. 

This sales figure represents an 18% increase over sales of $4.30 billion in the same period last year.

Lam Research sees second-quarter adjusted EPS as low as $9.25 or as high as $10.75, versus the analyst consensus estimate of $9.47.

Lam Research sees second-quarter sales as low as $4.8 billion or as high as $5.4 billion, versus the analyst consensus estimate of $4.91 billion.

See Also: Why Amprius Technologies Shares Are Exploding Higher Today

What Else?

"Lam exceeded $5 billion in revenue in the September quarter, an all-time record. Solid execution combined with easing supply chain conditions produced strong overall performance," said Tim Archer, Lam Research's President and Chief Executive Officer.

"While we expect weaker wafer fabrication equipment spending in 2023, our technology leadership and demonstrated track record of managing through downturns provide us a strong foundation to capture the exciting opportunities ahead for the semiconductor industry," Archer stated.

According to data from Benzinga Pro, Lam Research has a 52-week high of $731.85 and a 52-week low of $299.59.