UPDATE: Lam Research FQ2 Profit Down 81%

Lam Research LRCX reported an 81% drop in its fiscal second-quarter profit. Lam Research's quarterly profit fell to $6.4 million, or $0.04 per share, from $33.2 million, or $0.27 per share, in the year-ago period. Excluding one-time items, it earned $0.45 per share. Its revenue rose 47% to $860.9 million. However, analysts were expecting earnings of $0.44 per share on revenue of $848 million. Its gross margin declined to 36.3% from 40.2%. Lam Research shares dropped 1.25% to $39.60 in after-hours trading.