Lam Research Corporation Q3 Profit Decreases, but beats estimates

(RTTNews) - Lam Research Corporation (LRCX) revealed earnings for third quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line came in at $0.89 billion, or $6.66 per share. This compares with $1.42 billion, or $10.39 per share, in last year's third quarter.

Excluding items, Lam Research Corporation reported adjusted earnings of $915.44 million or $6.66 per share for the period.

Analysts on average had expected the company to earn $6.12 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 31.4% to $3.48 billion from $5.07 billion last year.

Lam Research Corporation earnings at a glance (GAAP) :

-Earnings (Q3): $0.89 Bln. vs. $1.42 Bln. last year. -EPS (Q3): $6.66 vs. $10.39 last year. -Analyst Estimates: $6.12 -Revenue (Q3): $3.48 Bln vs. $5.07 Bln last year.

-Guidance: Next quarter EPS guidance: 6.25 - 7.75 Next quarter revenue guidance: $3.4 - $4.0 Bln