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Lam Research Q3 Profit Up

Lam Research Corp. (LRCX) Wednesday announced a profit for its third quarter that increased from last year as well as issued an outlook for the fourth quarter.

For the fourth quarter, the company expects adjusted earnings of $8.45 per share, plus or minus $0.50 per share, and revenues of $4.40 billion. Analysts polled by Thomson Reuters currently estimate earnings of $8.47 per share and revenues of $4.40 billion.

Third-quarter profit was $1.18 billion or $8.27 per share, up from $823.45 million or $5.59 per share last year.

On an adjusted basis, adjusted profit was $1.19 billion or $8.36 per share, compared to $1.16 billion or $8.09 per share last year.

The company's revenue for the quarter rose 35.2% to $4.30 billion from $3.18 billion last year.

Analysts had expected earnings of $8.21 per share on revenues of $4.32 billion for the quarter.

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