Lam Research Corporation LRCX shares are trading higher by 4.4% to $786.01 during Thursday’s session. Shares of several semiconductor and chip stocks are trading higher in sympathy with Taiwan Semiconductor Mfg. Co. Ltd. after the company reported strong fourth-quarter financial results.
When a leading company in the industry, such as TSMC, reports strong financial results, it can positively impact the entire sector. Investors often view strong performance in one major player as an indication of favorable conditions for the industry as a whole.
What Happened With TSMC Earnings?
Taiwan Semiconductor reported fourth-quarter revenue of $19.62 billion, indicating a 1.5% year-on-year decrease. Despite the decline, this figure surpassed the consensus estimate of $19.45 billion. The earnings per share (EPS) were $1.44, exceeding the consensus expectation of $1.37.
“Our fourth quarter business was supported by the continued strong ramp of our industry-leading 3-nanometer technology,” said Wendell Huang, VP and CFO of TSMC…Read More
See Also: Bitcoin, Ethereum Fall Following Jobless Claims Data
According to data from Benzinga Pro, LRCX has a 52-week high of $801.29 and a 52-week low of $453.65.
Image and article originally from www.benzinga.com. Read the original article here.