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Shares of Lam Research Corp. (NASDAQ: LRCX) saw a handy gain on Wednesday after the company reported its most recent quarterly results late Tuesday. The company posted $2.80 in earnings per share (EPS) and $2.15 billion in revenue, versus consensus estimates that called for EPS of $2.55 and $2.13 billion in revenue. The fiscal third-quarter of last year reportedly had $1.18 in EPS and revenue of $1.31 billion.

Deferred revenue at the end of the March 2017 quarter increased to $842 million, as compared to $673 million at the end of the December 2016 quarter. At the same time, shipments totaled $2.4 billion.

In this quarter, gross margin totaled $993 million, or 46.1% of revenue, while operating expenses were $414 million and the operating margin was 26.9% of revenue.

In terms of the outlook for the coming quarter, the company expects to see EPS of roughly $3.00, give or take about $0.12. Revenues are expected to be $2.3 billion, plus or minus $100 million. The consensus estimates are $9.27 in EPS and $7.84 billion in revenue for the fourth quarter.

On the books, Lam Research cash and cash equivalents, short-term investments and restricted cash and investments balances remained steady at $6.1 billion at the end of the quarter.

Martin Anstice, Lam Research’s president and CEO, commented:

The company continues to perform extremely well, again setting new records of financial performance with underlying business levels almost 70% higher than the year ago equivalent quarter. This accomplishment is made possible by our broad competitive strength, with products and services increasingly enabling the success of our customers. Our outlook for the year has improved, and we are increasingly convinced by the potential for sustainable value creation from long-term diverse and secular technology demand trends.

Shares of Lam Research were last seen up 6.1% at $135.27, with a consensus analyst price target of $134.10 and a 52-week trading range of $72.00 to $136.40.