Shares of Lam Research Corp. (LRCX) - Get Report surged in after-hours trading Monday evening as the maker of chip equipment maker blew past analyst expectations on earnings and edged past on revenue.
Lam's stock price shot up more than 10% to $206 after the company reported quarterly earnings of $3.70 per share, considerably higher than the $3.38 estimate of analysts surveyed by Zacks Investment Research.
The Fremont, Calif.-based firm also beat Wall Street revenue projections as well, reporting $2.44 billion for the quarter compared to the $2.4 billion estimated by analysts polled by Zacks.
Lam is also predicting higher than anticipated earnings of $3.20 to $3.60 a share for the current quarter ending in June, compared to Zacks $3.28 a share estimate.
Lam Research's stock price has been on a tear since hitting bottom on Christmas Eve at $123.28, rising more than 50% to $195.44 at the end of trading Wednesday, followed by another big increase in trading after the bell to $206.
That's compared to the 17% gain posted by the Standard & Poor's 500 index since the start of the year.
"Lam's March quarter results demonstrate strong execution in a challenging near-term industry environment," said Timothy Archer, Lam Research's president and chief executive officer, in a press statement. "By continuing to focus on customer needs and investing to extend differentiation in our product and services portfolio, Lam is well positioned to emerge stronger as market conditions improve."