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Lam Research quarterly net income declines on weaker revenue

Lam Research Corp. booked net income of $533.4 million, or $3.23 per diluted share, for the quarter that ended Sept. 23, down from $590.7 million, or $3.21 per diluted share, in the same quarter of 2017.

The semiconductor processing systems manufacturer reported revenue of $2.33 billion in the quarter, from $2.48 billion in the prior-year period. The cost of goods sold came in at $1.27 billion, down from $1.33 billion.

Operating income also fell to $591.8 million, from $693.2 million in the prior-year quarter. Operating expenses came in at $466.5 million from $456.1 million.

Research and development expenses rose to $291.7 million from $275.1 million; selling, general and administrative expenses dropped to $174.8 million from $181 million.

For the December 2018 quarter, the company said it expects revenue on a U.S. GAAP basis of $2.5 billion, plus or minus $150 million, and net income per diluted share of $3.47, plus or minus 20 cents.