Lam Research Stock Falls 9%

(RTTNews) - Lam Research Corporation (LRCX) is down 8.95 percent, losing $23.35 to $237.46 on Thursday. The decline comes despite the company reporting higher third-quarter earnings and revenue yesterday. Net income increased to $2.75 billion, or $2.19 per share, from $1.57 billion, or $1.24 per share, a year earlier. Adjusted earnings were $2.77 billion, or $2.20 per share.

Lam Research is currently trading at $237.46, down from the previous close of $260.81 after opening at $234.62 on the Nasdaq. The stock has traded between $232.20 and $242.10 during the session. Trading volume stands at 6.89 million shares, compared with average volume of 9.33 million shares.

Third-quarter revenue surged 54.4 percent to $8.22 billion from $5.32 billion a year earlier. For the next quarter, Lam Research expects earnings of $2.33 to $2.48 per share and revenue of $8.60 billion to $9.00 billion. The company's shares have traded between $135.50 and $438.50 over the past 52 weeks.