MILPITAS, Calif. (AP) — MILPITAS, Calif. (AP) — KLA Corporation (KLAC) on Wednesday reported fiscal first-quarter net income of $741.4 million.

The Milpitas, California-based company said it had profit of $5.41 per share. Earnings, adjusted for one-time gains and costs, came to $5.74 per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $5.39 per share.

The maker of equipment for manufacturing semiconductors posted revenue of $2.4 billion in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $2.36 billion.

For the current quarter ending in December, KLA expects its per-share earnings to range from $5.26 to $6.46. Analysts surveyed by Zacks had forecast adjusted earnings per share of $6.23.

The company said it expects revenue in the range of $2.33 billion to $2.58 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $2.6 billion.

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