Lam Research Corp. LRCX, +0.43% shares gained in late trading Wednesday after the chip-equipment company reported better-than-expected quarterly earnings amid a change at the top. Lam reported fiscal second-quarter net income of $569 million, or $3.52 a share, on sales of $2.52 billion. After adjusting for restructuring and other costs, the company claimed earnings of $3.87 a share. Analysts on average expected adjusted earnings of $3.66 a share on revenue of $2.44 billion, according to FactSet. It was the first earnings report since Lam Chief Executive Martin Anstice resigned amid allegations of misconduct. New CEO Tim Archer noted fears of a softening chip market but projected confidence in Wednesday's announcement. "While near-term market trends reflect adjustments after a period of tremendous growth in semiconductor demand, I am confident that our focus on Deposition and Etch technology leadership as well as growth in our installed-base business positions us well for the long term," Archer said in the news release. Lam projected adjusted earnings of $3.20 to $3.60 a share on sales of $2.25 billion to $2.55 billion for the current quarter. Analysts on average expected adjusted earnings of $3.36 a share on sales of $2.46 billion, according to FactSet. Lam also announced a new $5 billion share-repurchase authorization. Lam's stock increased more than 5% in after-hours trading following the announcement, after closing with a 0.4% decline at $139.33.