April 24 (Reuters) - Lam Research ( LRCX ) reported

quarterly revenue above Wall Street expectations on Wednesday,

as chipmakers ordered more of its equipment used to manufacture

semiconductors for artificial intelligence applications.

Lam Research ( LRCX ) supplies equipment to chip manufacturers, whose

businesses had taken a hit in 2023 due to a glut of certain

semiconductors used in personal computers and smartphones. But a

surge in demand for AI chips has kick-started growth in the

industry.

Some of those electronics categories are showing signs of

recovery even as an AI-boom is prompting chip firms to build new

capacity, lending a cascading upside to vendors such as Lam

Research ( LRCX ).

"As our customers address the challenges in scaling

semiconductors to meet the power and speed requirements for

driving AI transformation, Lam is strengthening its leadership

and is well-positioned for the significant opportunities ahead,"

CEO Tim Archer said in a statement.

The company expects revenue for the current quarter ending

June 30 at $3.8 billion plus or minus $300 million, compared

with analysts' average estimate of $3.77 billion, according to

LSEG data.

Shares of Fremont, California-based company fell marginally

in trading after the bell.

Lam posted revenue of $3.79 billion in the three months

ended March 31, compared with market estimates of $3.72 billion.

Excluding items, the company posted profit of $7.79 per

share, compared with estimates of $7.30 per share.