Applied Materials, Inc. AMAT shares are trading higher by 7.7% to $149.65 Thursday afternoon. Shares of semiconductor and chip stocks are trading higher following strong fourth-quarter financial results from Lam Research.
What Happened With Lam Research?
Lam Research reported quarterly adjusted earnings of $5.98 per share, surpassing the analyst consensus estimate of $5.07 by 17.95%. However, this represents a 32.28% decrease compared to earnings of $8.83 per share from the same period last year.
The company reported quarterly sales of $3.21 billion, exceeding the analyst consensus estimate of $3.13 billion by 2.46%. Nevertheless, this reflects a 30.82% decrease compared to sales of $4.64 billion in the same period last year.
Lam Research expects its adjusted EPS for the first-quarter to be approximately $6.05, with a possible range of plus or minus $0.75. Additionally, the company anticipates sales of around $3.4 billion, with a potential variation of plus or minus $300 million.
Following the earnings print, LRCX received a number of analyst rating updates.
According to data from Benzinga Pro, AMAT has a 52-week high of $149.71 and a 52-week low of $71.12.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
