Lam Research beats Q1 estimates, issues in-line Q2 guidance

Lam Research reported fiscal Q1 revenue of $8.2 billion, slightly above the $8.15 billion estimate, and adjusted EPS of $2.20, beating the $2.18 consensus. The Q2 guidance midpoint for revenue and adjusted EPS is roughly in line with expectations. China accounted for 35% of revenue. The company highlighted record results driven by AI-related semiconductor demand.