Shares of Lam Research (LRCX) - Get Lam Research Corporation (LRCX) Report were falling after the semiconductor equipment manufacturer beat earnings expectations and announced current quarter guidance.
The stock was falling 0.77% to $207.00 a share in postmarket trading, after having fallen 1.28% in regular hours.
Earnings per share came in at $3.62, beating Wall Street's estimates of $3.42 in the June quarter. Revenue was $2.361 billion, just barely ahead of estimates of $2.36 billion. EPS and revenue declined 42% and 24% year-over-year, respectively.
"Lam's June quarter results reflect our strong track record of execution," said Timothy Archer, Lam Research's president and chief executive officer. "We are making solid progress on our innovation roadmap, and with multiple technology inflections ahead of us, Lam is in an excellent position to win."
For the September quarter, Lam management is guiding for revenue of $2.15 billion, plus or minus $150 million, and GAAP EPS of $2.91, plus or minus 20 cents.
The stock is up 50% year-to-date.
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