Lam Research Corporation LRCX shares are trading higher by 3.1% to $606.53 Wednesday afternoon. Shares of semiconductor and chip stocks are trading higher due to a positive reaction to Advanced Micro Devices reporting its third-quarter earnings.
What Happened With AMD Earnings?
AMD posted third-quarter revenue of $5.8 billion, exceeding estimates of $5.695 billion, and third-quarter EPS of 70 cents, beating estimates of 68 cents.
Data center revenue remained flat at $1.6 billion, while client revenue grew by 42% to $1.5 billion.
AMD reported a 51% gross margin, with operating income at $1.3 billion and net income at $1.1 billion in the third quarter...Read More
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According to data from Benzinga Pro, LRCX has a 52-week high of $726.52 and a 52-week low of $384.72.
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