Exhibit 99.1

FOR IMMEDIATE RELEASE

Lam Research Corporation Contact:

Carol Raeburn, Managing Director, Investor Relations, phone: 510/572-4450, e-mail: carol.raeburn@lamresearch.com

Lam Research Corporation Announces Financial Results for the Quarter Ended December 27, 2009

FREMONT, Calif., January 27, 2010—Lam Research Corporation (NASDAQ: LRCX) highlights for the December 2009 quarter were:

(in thousands, except per share data and percentages)

—      Revenue:	$	487,176
	U.S. GAAP			Ongoing
—      Operating Margin:		18.8	%		15.6	%
—      Net Income:	$	69,574		$	60,714
—      Diluted EPS:	$	0.54		$	0.47

Lam Research Corporation today announced financial results for the quarter ended December 27, 2009. Revenue for the period was $487.2 million, gross margin was $223.2 million and net income was $69.6 million, or $0.54 per diluted share, compared to revenue of $318.5 million, gross margin of $136.8 million and net income of $16.8 million, or $0.13 per diluted share, for the September 2009 quarter. Shipments for the December 2009 quarter were $519 million compared to $355 million during the September 2009 quarter.

The Company’s ongoing results for the December 2009 quarter exclude certain costs for previously announced restructuring activities, the reversal of accrued liabilities due to final settlement of the remaining liabilities for Internal Revenue Code Section 409A related expenses, and the impairment of an investment. The Company’s ongoing results for the September 2009 quarter excluded certain costs for previously announced restructuring activities and the reversal of accrued liabilities due to settlement of a portion of certain liabilities for Internal Revenue Code Section 409A related expenses. Management uses the presentation of ongoing gross margin, ongoing operating expenses, ongoing operating income, ongoing operating margin, ongoing net income, and ongoing net income per diluted share to evaluate the Company’s operating and financial results. The Company believes the presentation of ongoing results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing the investor’s ability to view the Company’s results from management’s perspective. A table presenting a reconciliation of ongoing results to results under U.S. GAAP is included at the end of this press release and on the Company’s web site.

Ongoing net income was $60.7 million, or $0.47 per diluted share in the December 2009 quarter compared to ongoing net income of $4.2 million, or $0.03 per diluted share, for the September 2009 quarter. Ongoing gross margin for the December 2009 quarter was $218.5 million or 44.8%, compared to ongoing gross margin of $131.3 million, or 41.2%, for the September 2009 quarter. The sequential increase in gross margin was primarily due to improved factory utilization as a result of increased business volume and a more favorable product mix. Ongoing operating expenses for the December 2009 quarter increased to $142.3 million compared with the September 2009 quarter of $123.3 million. This increase was a function of higher variable compensation expense associated with our improvement in profitability, new product material spending to support additional market opportunities arising from an improved business outlook, and the restoration of employee salaries and accompanying benefits (excluding executive management) to levels prior to the actions to reduce base compensation in the March 2009 quarter.

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Lam Announces Financial Results for the December 2009 Quarter

The geographic distribution of shipments and revenue during the December 2009 quarter is shown in the following table:

Region	Shipments		Revenue
North America	7	%	8	%
Europe	6	%	6	%
Japan	12	%	15	%
Korea	26	%	25	%
Taiwan	37	%	35	%
Asia Pacific	12	%	11	%

Cash and cash equivalents, short-term investments and restricted cash and investments balances were $830.6 million at the end of the December 2009 quarter, compared to $761.2 million at the end of the September 2009 quarter. Cash flows from operating activities were approximately $73.3 million during the December 2009 quarter. Deferred revenue and deferred profit balances at the end of the December 2009 quarter were $134.4 million and $73.9 million, respectively. Lam’s deferred revenue balance does not include shipments to Japanese customers, to whom title does not transfer until customer acceptance. Shipments to Japanese customers are classified as inventory at cost until the time of acceptance. The anticipated future revenue from shipments to Japanese customers was approximately $11 million as of December 27, 2009.

“In the December 2009 quarter we saw significant growth in shipments, revenue and earnings for Lam Research. As we move into 2010 we will continue to focus on delivering market share gains in our etch and clean businesses to expand revenues, earnings per share and cash generation from cycle to cycle,” said Steve Newberry, Lam’s president and chief executive officer. “I would like to thank our employees, suppliers and shareholders for their continued commitment to our success,” Newberry concluded.

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Lam Announces Financial Results for the December 2009 Quarter

Statements made in this press release that are not statements of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate, but are not limited, to the anticipated revenue from shipments to Japanese customers, and Lam’s focus on delivering market share gains in its etch and clean businesses to expand revenues, earnings per share and cash generation from cycle to cycle. Some factors that may affect these forward-looking statements include: business conditions in the semiconductor industry and the overall economy, and the efficacy of Lam’s plans for reacting to those conditions, changing customer demands, the actions of Lam’s competitors, and the challenges presented by the development and marketing of new products. These forward-looking statements are based on current expectations and are subject to uncertainties and changes in condition, significance, value and effect as well as other risks detailed in documents filed with the Securities and Exchange Commission, including specifically the report on Form 10-K for the year ended June 28, 2009 and the report on Form 10-Q for the three months ended September 27, 2009. These uncertainties and changes could cause actual results to vary from expectations. The Company undertakes no obligation to update the information or statements made in this press release.

Lam Research Corporation is a major provider of wafer fabrication equipment and services to the world’s semiconductor industry. Lam’s common stock trades on The NASDAQ Global Select Market SM under the symbol LRCX. Lam is a NASDAQ-100® company. For more information, visit www.lamresearch.com.

Consolidated Financial Tables Follow

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Lam Announces Financial Results for the December 2009 Quarter

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data and percentages)

(unaudited)

	Three Months Ended									Six Months Ended
	December 27, 2009			September 27, 2009			December 28, 2008			December 27, 2009			December 28, 2008
Total revenue	$	487,176		$	318,548		$	283,409		$	805,724		$	723,770
Cost of goods sold		268,685			187,233			174,329			455,918			428,532
Cost of goods sold - restructuring and asset impairments		—			—			7,728			—			10,776
Cost of goods sold - 409A expense		(4,713	)		(5,455	)		—			(10,168	)		—
Total costs of goods sold		263,972			181,778			182,057			445,750			439,308
Gross margin		223,204			136,770			101,352			359,974			284,462
Gross margin as a percent of revenue		45.8	%		42.9	%		35.8	%		44.7	%		39.3	%
Research and development		82,171			71,199			68,781			153,370			150,344
Selling, general and administrative		60,111			52,119			57,699			112,230			125,998
Restructuring and asset impairments		5,919			2,093			10,121			8,012			26,089
409A expense		(16,345	)		(17,893	)		2,143			(34,238	)		2,904
Total operating expenses		131,856			107,518			138,744			239,374			305,335
Operating income (loss)		91,348			29,252			(37,392	)		120,600			(20,873	)
Operating margin as a percent of revenue		18.8	%		9.2	%		-13.2	%		15.0	%		-2.9	%
Other income (expense), net		(58	)		(368	)		(7,233	)		(426	)		1,784
Income (loss) before income taxes		91,290			28,884			(44,625	)		120,174			(19,089	)
Income tax expense (benefit)		21,716			12,087			(20,453	)		33,803			(3,790	)
Net income (loss)	$	69,574		$	16,797		$	(24,172	)	$	86,371		$	(15,299	)
Net income (loss) per share:
Basic net income (loss) per share	$	0.55		$	0.13		$	(0.19	)	$	0.68		$	(0.12	)
Diluted net income (loss) per share	$	0.54		$	0.13		$	(0.19	)	$	0.67		$	(0.12	)
Number of shares used in per share calculations:
Basic		127,296			126,774			125,084			127,035			125,266
Diluted		128,829			127,890			125,084			128,389			125,266

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Lam Announces Financial Results for the December 2009 Quarter

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

	December 27, 2009		September 27, 2009		June 28, 2009
	(unaudited)		(unaudited)		(1)
ASSETS
Cash and cash equivalents	$	430,166	$	361,163	$	374,167
Short-term investments		215,567		215,031		205,221
Accounts receivable, net		420,486		325,756		253,585
Inventories		241,296		220,083		233,410
Deferred income taxes		47,984		57,293		69,043
Other current assets		79,482		61,128		60,401
Total current assets		1,434,981		1,240,454		1,195,827
Property and equipment, net		205,089		211,348		215,666
Restricted cash and investments		184,913		185,010		178,439
Deferred income taxes		16,399		16,298		17,007
Goodwill and intangible assets		248,838		254,816		260,787
Other assets		94,622		87,179		84,145
Total assets	$	2,184,842	$	1,995,105	$	1,951,871
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	445,243	$	336,911	$	340,763
Long-term debt and capital leases	$	35,145	$	35,787	$	40,886
Income taxes payable		107,273		105,925		102,999
Other long-term liabilities		12,397		12,722		14,134
Stockholders’ equity		1,584,784		1,503,760		1,453,089
Total liabilities and stockholders’ equity	$	2,184,842	$	1,995,105	$	1,951,871

1 Derived from audited financial statements

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Lam Announces Financial Results for the December 2009 Quarter

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

	Three Months Ended									Six Months Ended
	December 27, 2009			September 27, 2009			December 28, 2008			December 27, 2009			December 28, 2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	69,574		$	16,797		$	(24,172	)	$	86,371		$	(15,299	)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization		18,184			17,681			17,177			35,865			35,073
Deferred income taxes		9,229			12,482			10,110			21,711			(2,297	)
Restructuring charges, net		5,919			2,093			17,849			8,012			36,865
Equity-based compensation expense		13,259			13,958			14,049			27,217			29,457
Income tax benefit on equity-based compensation plans		303			(89	)		(7,045	)		214			(2,006	)
Excess tax benefit on equity-based compensation plans		(235	)		(368	)		3,752			(603	)		(517	)
Other, net		173			1,159			3,200			1,332			5,865
Changes in operating asset and liabilities:		(43,096	)		(61,009	)		(73,909	)		(104,105	)		(82,998	)
Net cash provided by (used for) operating activities		73,310			2,704			(38,989	)		76,014			4,143
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and intangible assets		(6,893	)		(5,832	)		(12,417	)		(12,725	)		(27,568	)
Acquisitions of businesses, net of cash acquired		—			—			(8,763	)		—			(11,190	)
Net sales/maturities (purchases) of available-for-sale securities		(1,016	)		(9,775	)		39,767			(10,791	)		46,747
Purchase of other investments		—			(961	)		—			(961	)		—
Transfer of restricted cash and investments		97			(6,571	)		(32,178	)		(6,474	)		(48,306	)
Other		—			—			(2,000	)		—			(2,000	)
Net cash used for investing activities		(7,812	)		(23,139	)		(15,591	)		(30,951	)		(42,317	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt and capital lease obligations		(689	)		(1,915	)		(13,060	)		(2,604	)		(15,433	)
Net proceeds from issuance of long-term debt		52			284			515			336			625
Excess tax benefit on equity-based compensation plans		235			368			(3,752	)		603			517
Treasury stock purchases		(576	)		(2,356	)		(24,448	)		(2,932	)		(27,203	)
Reissuances of treasury stock		—			5,761			—			5,761			7,584
Proceeds from issuance of common stock		4,126			2,256			1,294			6,382			4,444
Net cash provided by (used for) financing activities		3,148			4,398			(39,451	)		7,546			(29,466	)
Effect of exchange rate changes on cash		357			3,033			1,512			3,390			(11,984	)
Net increase (decrease) in cash and cash equivalents		69,003			(13,004	)		(92,519	)		55,999			(79,624	)
Cash and cash equivalents at beginning of period		361,163			374,167			745,432			374,167			732,537
Cash and cash equivalents at end of period	$	430,166		$	361,163		$	652,913		$	430,166		$	652,913

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Lam Announces Financial Results for the December 2009 Quarter

Reconciliation of U.S. GAAP Net Income to Ongoing Net Income

(in thousands, except per share data)

(unaudited)

	Three Months Ended			Three Months Ended
	December 27, 2009			September 27, 2009
U.S. GAAP net income	$	69,574		$	16,797
Pre-tax non-ongoing items:
Restructuring and asset impairments - operating expenses		5,919			2,093
409A expense - cost of goods sold		(4,713	)		(5,455	)
409A expense - operating expenses		(16,345	)		(17,893	)
Impairment of investment - other income (expense), net		927			—
Net tax expense on non-ongoing items		5,352			8,639
Ongoing net income	$	60,714		$	4,181
Ongoing net income per diluted share	$	0.47		$	0.03
Number of shares used for diluted per share calculation		128,829			127,890

Reconciliation of U.S. GAAP Gross Margin, Operating Expenses and Operating Income to Ongoing Gross Margin, Operating

Expenses and Operating Income

(in thousands, except percentages)

(unaudited)

	Three Months Ended			Three Months Ended
	December 27, 2009			September 27, 2009
U.S. GAAP gross margin	$	223,204		$	136,770
Pre-tax non-ongoing items:
Pre-tax 409A expense - cost of goods sold		(4,713	)		(5,455	)
Ongoing gross margin	$	218,491		$	131,315
U.S. GAAP gross margin as a percent of revenue		45.8	%		42.9	%
Ongoing gross margin as a percent of revenue		44.8	%		41.2	%
U.S. GAAP operating expenses	$	131,856		$	107,518
Pre-tax non-ongoing items:
Restructuring and asset impairments - operating expenses		(5,919	)		(2,093	)
409A expense - operating expenses		16,345			17,893
Ongoing operating expenses	$	142,282		$	123,318
Ongoing operating income	$	76,209		$	7,997
Ongoing operating margin as a percent of revenue		15.6	%		2.5	%

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