Chip-equipment maker Lam Research edged above analyst estimates for its fiscal first quarter and matched views for the current period. LRCX stock fell 6.6% on the news.

The Fremont, Calif.-based company earned an adjusted $2.20 a share on sales of $8.22 billion in the quarter ended Sept. 27. Wall Street had been modeling earnings of $2.18 a share on sales of $8.14 billion in fiscal Q1. On a year-over-year basis, Lam Research earnings surged 75% while sales increased 55%.

For the current quarter ending Dec. 27, Lam Research predicted adjusted earnings per share of $2.33 on sales of $8.6 billion. Analysts surveyed by FactSet had been looking for fiscal Q2 earnings of $2.33 per share on sales of $8.57 billion. In the same quarter last year, Lam Research earned an adjusted $1.27 per share on sales of $5.34 billion.

"With AI driving higher semiconductor demand and greater device complexity, our focus on operational execution helped Lam deliver record revenue, profit, and earnings per share in the September quarter," Chief Executive Tim Archer said in a news release.

He added, "Our strategic investments in technology inflections and manufacturing capacity are paying off, strengthening our ability to outgrow the wafer fabrication equipment market as the industry expands."