ZT LRCX rise as results, outlook top Street view

Lam Research Corp. LRCX, +2.99% shares rose in the extended session Wednesday after the chip-making equipment company's quarterly results and outlook topped Wall Street estimates. Lam shares rose 3% to $216.60 after hours. The company reported a fiscal second-quarter loss of $10 million, or 6 cents a share, compared with earnings of $590.7 million, or $3.21 a share, in the year-ago period. Adjusted earnings were $4.34 a share. Revenue rose to $2.58 billion from $1.88 billion in the year-ago period. Analysts surveyed by FactSet had estimated $3.68 a share on revenue of $2.57 billion. For the third quarter, Lam estimates adjusted earnings of $4.20 to $4.50 a share on revenue of $2.73 billion to $2.98 billion. Analysts expect earnings of $3.77 a share on revenue of $2.65 billion. Lam also announced that Tim Archer, who will remain chief operating officer, was promoted to president, and Martin Anstice will continue on as chief executive.