Shares of semiconductor equipment manufacturer Lam Research Corp LRCX are moving lower in Wednesday's after-hours session after the company reported fiscal second-quarter financial results.
What Happened: Lam Research said second-quarter revenue was up 4% sequentially to $5.28 billion, which beat average analyst estimates of $5.08 billion, according to Benzinga Pro. The company reported quarterly earnings of $10.71 per share, which beat estimates of $9.96 per share.
Lam Research said it ended the quarter with $4.8 billion in cash and equivalents, up from $4.6 billion sequentially.
Lam Research expects fiscal third-quarter revenue of $3.8 billion, plus or minus $300 million. The company anticipates third-quarter earnings of $6.50 per share, plus or minus 75 cents per share.
LRCX Price Action: Lam Research has a 52-week high of $615.99 and a 52-week low of $299.59.
The stock was down 2.95% in after-hours at $474 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Lam Research.
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