Lam Research

(LRCX) - Get Lam Research Corporation (LRCX) Report

reported earnings that missed Wall Street's already lowered earnings estimates for the fiscal third quarter, and the company disclosed plans to cut 15% of its workforce.

The semiconductor equipment maker company said on Wednesday that it earned $44.4 million, or 33 cents a share in the period. Eighteen analysts polled by

Thomson Financial/First Call

were expecting the company to earn 36 cents in the period. Lam earned 37 cents in the year-ago period.

The company said revenue rose to $421.5 million, or 29% above the third quarter of last year, but fell nearly 15% sequentially. At the end of February, the company

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warned that its revenue projection of $480 million to $490 million was "at risk" and could decline by as much as 15%. At the time, the company said a shortfall could impact earnings, but didn't provide specifics. The company had forecast earnings of 48 cents in the period and the consensus estimate stood at 47 cents a share at the time of the warning.

The company attributed the shortfall to cancellations and delays in orders from semiconductor makers.

Shares of Lam, which is based in Fremont, Calif., gained $1.57, or 6.8%, to $24.57 in regular-session

Nasdaq

trading, and slightly dipped to $24.51 in recent after-hours

Island

activity.

"The wafer fab equipment industry is experiencing weakness across all geographic regions," the company said in a statement. "A slowing economy, coupled with overcapacity in the semiconductor industry, has resulted in a sharp reduction to our new orders, as well as push-outs and cancellations to our backlog."