So, you know that whole AI boom everyone's talking about? It's not just about the companies making the chips. It's also about the companies making the machines that make the chips. Case in point: Lam Research Corp. (LRCX) just posted some eye-popping numbers for its fiscal third quarter, and the CEO is giving artificial intelligence a big chunk of the credit.
After the closing bell on Wednesday, Lam reported earnings of $1.47 per share. That wasn't just good—it was about 8% better than what Wall Street analysts were expecting. The revenue story was even more impressive. The company brought in $5.84 billion for the quarter, beating estimates and, more notably, soaring well above the $4.72 billion it reported in the same period last year.
"Lam delivered record revenue and EPS in the March quarter as AI-driven demand reshapes the semiconductor industry," said CEO Tim Archer. He added that the company's "strategic investments" are paying off by helping customers build their AI products, which in turn is driving "Lam's outperformance." In short: the AI gold rush is great for the shovel sellers.
And Lam isn't expecting the party to stop anytime soon. Looking ahead to the current quarter, the company gave guidance that suggests more growth is on the horizon. It expects adjusted earnings per share between $1.50 and $1.80, compared to an analyst consensus of $1.45. For revenue, it's projecting a range of $6.2 billion to $7 billion, which comfortably tops the Street's expectation of $6.09 billion.
Investors liked what they heard. In after-hours trading following the announcement, shares of Lam Research were up 3.67% to $275.29.
