Qualcomm Inc (NASDAQ:QCOM) shares are trading higher by 1.2% to $125.54 going into the close of Thursday’s session. Shares of semiconductor and chip stocks are trading higher following strong fourth-quarter financial results from Lam Research.
What Happened With Lam Research?
Lam Research reported quarterly adjusted earnings of $5.98 per share, surpassing the analyst consensus estimate of $5.07 by 17.95%. However, this represents a 32.28% decrease compared to earnings of $8.83 per share from the same period last year.
The company reported quarterly sales of $3.21 billion, exceeding the analyst consensus estimate of $3.13 billion by 2.46%. Nevertheless, this reflects a 30.82% decrease compared to sales of $4.64 billion in the same period last year.
Lam Research expects its adjusted EPS for the first-quarter to be approximately $6.05, with a possible range of plus or minus $0.75. Additionally, the company anticipates sales of around $3.4 billion, with a potential variation of plus or minus $300 million.
Following the earnings print, LRCX received a number of analyst rating updates.
According to data from Benzinga Pro, QCOM has a 52-week high of $152.91 and a 52-week low of $101.47.
