When Lam Research (NASDAQ: LRCX) announced fiscal first-quarter 2020 results a week ago, it was evident that the market was pleased with what the semiconductor-processing solutions specialist had to say. Though Lam's revenue and earnings declined on a year-over-year basis given continued industry headwinds constraining growth, the rates of those declines were less pronounced than most investors had anticipated, leaving shares to rally nearly 14% last Thursday in response.
But the stock has all but given up those gains in the days since, leaving us to wonder: Is Lam Research a buy now? Let's take a closer look at its quarter to find out.
Fiscal Q1 2020*