Lam Research Corp reported third-quarter fiscal 2025 earnings surpassing analyst expectations, with adjusted earnings per share of $1.04 beating the estimated $1.00 and revenue reaching $4.72 billion compared to the $4.64 billion forecast. The company posted a U.S. GAAP gross margin of 49.0% and an operating income margin of 33.1%. Sequentially, revenue increased by 8% and adjusted EPS rose 14%. Systems revenue grew 27% year-over-year, driven by demand for advanced semiconductor equipment, while support revenue increased 21%. However, revenue from China declined by 8% year-over-year. For the fourth quarter, Lam Research provided guidance with expected revenue between $4.7 billion and $5.3 billion, exceeding the consensus estimate of $4.59 billion, and adjusted EPS forecasted between $1.10 and $1.30, above the $0.98 estimate. The company anticipates Q4 adjusted operating margins between 32.5% and 34.5%, higher than the estimated 31.4%. Analysts have responded positively, with Evercore ISI raising its price target on Lam Research shares to $99 from $95, citing underestimated growth potential amid technology transitions in semiconductor capital equipment.