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FREMONT, Calif., April 17 (Reuters) - Chip equipment maker Lam Research Corp. (NasdaqNM:LRCX - news), on Wednesday reported a third quarter net profit, aided by a $16 million gain related to its stock, but posted sharp revenue decline as sluggish business trends carried into the first months of the year.
In the quarter ended March 31, Lam, whose equipment is used in the production of microchips, reported a net profit of $1.6 million, or one penny a share, compared to a net loss of $65.1 million, or 48 cents a share a year ago.
Excluding a gain of $16.8 million on equity derivative contracts in Lam stock, the net loss would have been $15.3 million, or 12 cents a share.
A survey of 20 analysts showed an average estimate of a loss of 17 cents a share, in a range of a loss of 14 cents to a loss of 18 cents, according to research firm Thompson Financial/First Call.
Revenues fell to $164.1 million from $465.1 million a year ago. New orders of $166 million marked an increase of 34 percent sequentially. |
