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CORRECTED-Lam Research's quarterly results miss Street on high costs
July 25, 2012 / 10:05 PM / 5 years ago

CORRECTED-Lam Research's quarterly results miss Street on high costs

(Corrects paragraph 2 to clarify that the company reported fourth-quarter results, not second quarter)

July 25 (Reuters) - Lam Research’s quarterly profit missed Wall Street estimates as the chip manufacturing equipment maker was hurt by higher operating costs.

Net income fell to $18.1 million, or 13 cents per share, in the fourth quarter, from $125.9 million, or $1.01 per share, a year earlier.

Excluding items, the company earned 60 cents per share.

Revenue fell marginally to $741.8 million.

Analysts were looking for earnings of 64 cents per share, on revenue of $804.7 million, according to Thomson Reuters I/B/E/S.

Operating expenses rose 35 percent to $265.5 million.

Shares of the company, which closed at $34.24 on Wednesday on the Nasdaq, were down about 4 percent at $32.90 in after market trade. (Reporting by Chandni Doulatramani in Bangalore; Editing by Hezron Selvi)

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