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Why Lam Research Stock Jumped Today

TheMotleyFool

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Why Lam Research Stock Jumped TodayPhoto, wide shot, wide-angle lens, Computer hardware manufacturer, sunset photo at golden hour, photo by Art Wolfe: https://img.midjourneyapi.xyz/temp/7835e381-fcae-4834-ba93-4708292dc055.png

Shares of Lam Research (NASDAQ: LRCX) have jumped today, up by 11% as of 12:15 p.m. EDT, after the company reported fiscal first-quarter earnings results. The semiconductor supplier beat expectations on both the top and bottom lines.

Revenue in the fiscal first quarter came in at $2.17 billion, slightly ahead of the $2.16 billion in sales that analysts were modeling for. That translated into adjusted net income of $480 million, or $3.18 per share. Analysts were expecting just $3.01 per share in adjusted profits. Adjusted gross margin declined slightly to 45.4%.

Image source: Getty Images.

Source Fool.com

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