In the U.S. stock market, chip equipment stock Lam Research's revenue and profit last quarter exceeded expectations, and the guidance for this quarter is better than expected

U.S. large chip equipment stock Lam Research (LRCX.US) announced its quarterly financial report for the period ending September 28. Under U.S. Generally Accepted Accounting Principles (GAAP), revenue reached $5.324 billion, a 3% increase quarter-over-quarter, exceeding market expectations of $5.23 billion. Diluted earnings per share were $1.24; adjusted earnings per share were $1.26, a 5% year-over-year decline, also surpassing market expectations of $1.22 per share.

The company expects revenue for the quarter ending December 28 to be between $4.9 billion and $5.5 billion, while market expectations are $4.81 billion. Adjusted earnings per share are expected to be between $1.05 and $1.25, higher than the market expectation of $1.04.

Driven by demand for AI chips, the company's stock price has nearly doubled this year. Tim Archer, President and CEO of Lam Research, stated that Lam Research's innovative technology is helping customers tackle the challenges of AI-driven semiconductor manufacturing, and with its continuously expanding product portfolio, the company is well-positioned for sustained growth in key device areas