Shares of semiconductor processing equipment company Lam Research (NASDAQ:LRCX) jumped on Thursday, rising as much as 16.3%. As of 10:45 a.m. EST, the stock was up 14.5%.
The stock's gain follows Lam Research's fiscal second-quarter results, which featured better-than-expected revenue and non-GAAP earnings per share.
For its second quarter of fiscal 2019, revenue was $2.52 billion, up 8% compared to the company's second quarter of fiscal 2018. On average, analysts were expecting revenue of $2.5 billion. Non-GAAP earnings per share for the period were $3.87, beating a consensus analyst forecast for $3.66.
"Lam delivered solid results in the December quarter, and concluded the 2018 calendar year with record revenue and earnings per share performance," said Lam Research CEO Timothy Archer in the company's second-quarter earnings release.
For Lam's fiscal third quarter, management expects revenue between $2.25 and $2.55 billion. This compares to revenue of $2.89 billion in the third quarter of fiscal 2018. Analysts, on average, were expecting revenue for Lam's third quarter of fiscal 2019 to come in at $2.45 billion.
Addressing its guidance for a year-over-year decline in revenue in its fiscal third quarter, management said, "While near-term market trends reflect adjustments after a period of tremendous growth in semiconductor demand, I am confident that our focus on Deposition and Etch technology leadership as well as growth in our installed-base business positions us well for the long term."