Lam Research posts record Q3 results

The company, which makes wafer fabrication equipment, is benefiting from the current semiconductor market.

Lam Research on Wednesday reported better-than-expected third quarter financial results. Revenue for the quarter grew 55 percent year-over-year, delivering record results for the March quarter. 

Headquartered in Fremont, California, Lam Research provides wafer fabrication equipment and services to the semiconductor industry. The company is benefiting from the growing significance of semiconductors, its CEO noted in a statement. 

"Semiconductors are reaching new heights of strategic relevance, and Lam's differentiated ability to meet our customers' scaling challenges positions us well amid a strong wafer fabrication spending environment," President and CEO Tim Archer said in a statement. 

Non-GAAP earnings for the quarter were $7.49 per share on revenue of $3.85 billion. 

Analysts were expecting earnings of $6.60 per share on revenue of $3.69 billion. 

Geographically, Lam Research saw 32 percent of its revenue come from China in the quarter, while 31 percent came from Korea and 14 percent from Taiwan. Another 7 percent came from Japan, 7 percent from Southeast Asia, 5 percent from the US and 4 percent from Europe. 

By segment, System revenue brought in $2.55 billion, while $1.3 billion came from Customer support-related revenue and other revenue sources. 

System revenue includes sales of new leading-edge equipment in deposition, etch and clean markets. Customer support-related revenue includes sales of customer service, spares, upgrades, and non-leading-edge equipment from the company's Reliant product line.

For the fourth quarter, Lam Research gave an outlook of $4 billion, plus or minus $250 million.