By Maria Armental

 

Lam Research Corp.'s board authorized $5 billion to buy back stock.

The $5 billion authorization supplements the remaining balances from prior authorizations and has no termination date, the company said.

For the nine months through March, the company reported a profit of $3.4 billion and $12.59 billion in revenue, up from a profit of $2.76 billion and $10.48 billion in revenue for the comparable nine-month period a year earlier.

California-based Lam Research supplies wafer fabrication equipment and services to the semiconductor industry.

 

Write to Maria Armental at maria.armental@wsj.com

 

(END) Dow Jones Newswires

May 11, 2022 17:38 ET (21:38 GMT)

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