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 June 27, 2010

FREMONT, Calif., July 28, 2010—Lam Research Corporation (NASDAQ: LRCX) highlights for the June 2010 quarter were:

Lam Research Corporation

Financial Highlights for the Quarter Ended June 27, 2010

(in thousands, except per share data and percentages)

	U.S. GAAP			Ongoing
•    Revenue:	$	695,289		$	695,289
•    Operating Margin:		22.4	%		24.8	%
•    Net Income:	$	139,997		$	149,070
•    Diluted EPS:	$	1.10		$	1.17

Lam Research Corporation today announced financial results for the quarter ended June 27, 2010. Revenue for the period was $695.3 million, gross margin was $321.4 million and net income was $140.0 million, or $1.10 per diluted share, compared to revenue of $632.8 million, gross margin of $292.9 million and net income of $120.3 million, or $0.94 per diluted share, for the March 2010 quarter. Shipments for the June 2010 quarter were $694 million compared to $735 million during the March 2010 quarter.

The Company’s ongoing results for the June 2010 quarter exclude certain costs for restructuring activities and asset impairments. There were no adjustments to U.S. GAAP results to determine ongoing results for the March 2010 quarter. 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 at http://investor.lamrc.com.

Ongoing net income was $149.1 million, or $1.17 per diluted share in the June 2010 quarter compared to ongoing net income of $120.3 million, or $0.94 per diluted share, for the March 2010 quarter. Ongoing gross margin for the June 2010 quarter was $324.9 million or 46.7%, compared to ongoing gross margin of $292.9 million, or 46.3%, for the March 2010 quarter. The sequential increase in gross margin was primarily due to improved factory and field utilization and a more favorable product mix. Ongoing operating expenses for the June 2010 quarter increased to $152.4 million compared with the March 2010 quarter of $143.8 million. This change is a result of higher R&D spending related to customer penetration activities associated with new products and increased variable compensation resulting from improved overall financial performance.

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Lam Announces Financial Results for the June 2010 Quarter

The geographic distribution of shipments and revenue during the June 2010 quarter is shown in the following table:

Region	Shipments		Revenue
North America	8	%	8	%
Europe	10	%	7	%
Japan	22	%	17	%
Korea	29	%	27	%
Taiwan	23	%	33	%
Asia Pacific	8	%	8	%

Cash and cash equivalents, short-term investments and restricted cash and investments balances were $991.7 million at the end of the June 2010 quarter, compared to $843.8 million at the end of the March 2010 quarter. Cash flows from operating activities were approximately $165.4 million during the June 2010 quarter. Deferred revenue and deferred profit balances at the end of the June 2010 quarter were $207.4 million and $123.2 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 $52 million as of June 27, 2010.

“Market share gains and solid execution drove strong results for the June quarter,” said Steve Newberry, Lam’s president and chief executive officer. “We believe that we will achieve substantial shipped market share gains in both the etch and clean businesses for calendar year 2010. We continued to win important new applications in the first half of 2010 in both businesses.”

“We are committed to creating value for our customers and shareholders and believe that we are demonstrating the results of that commitment through our business and financial performance,” Newberry concluded.

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Lam Announces Financial Results for the June 2010 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 continued market share gains for both the etch and clean businesses. Some factors that may affect these forward-looking statements include: business conditions in the semiconductor industry and the overall economy; the strength of the financial performance of our existing and prospective customers; the introduction of new and innovative technologies; the occurrence and pace of technology transitions and conversions; the actions of our competitors, consumers, semiconductor companies and key suppliers and subcontractors; and the success of research and development and sales and marketing programs. 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 by us with the Securities and Exchange Commission, including specifically our report on Form 10-K for the year ended June 28, 2009 and the reports on Form 10-Q for the three months ended September 27, 2009, December 27, 2009, and March 28, 2010. 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 June 2010 Quarter

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data and percentages)

	Three Months Ended									Twelve Months Ended
	June 27, 2010			March 28, 2010			June 28, 2009			June 27, 2010			June 28, 2009
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(1)
Total revenue	$	695,289		$	632,763		$	217,764		$	2,133,776		$	1,115,946
Cost of goods sold		370,409			339,892			150,007			1,166,219			706,219
Cost of goods sold - restructuring and asset impairments		3,438			—			—			3,438			20,993
Cost of goods sold - 409A expense		—			—			—			(10,168	)		—
Total costs of goods sold		373,847			339,892			150,007			1,159,489			727,212
Gross margin		321,442			292,871			67,757			974,287			388,734
Gross margin as a percent of revenue		46.2	%		46.3	%		31.1	%		45.7	%		34.8	%
Research and development		85,644			81,845			67,491			320,859			288,269
Selling, general and administrative		66,779			61,933			47,248			240,942			233,061
Goodwill impairment		—			—			7,179			—			96,255
Restructuring and asset impairments		13,302			—			5,396			21,314			44,513
409A expense		—			—			982			(34,238	)		3,232
Legal judgment		—			—			4,647			—			4,647
Total operating expenses		165,725			143,778			132,943			548,877			669,977
Operating income (loss)		155,717			149,093			(65,186	)		425,410			(281,243	)
Operating margin as a percent of revenue		22.4	%		23.6	%		-29.9	%		19.9	%		-25.2	%
Other income, net		3,541			1,616			2,869			4,731			18,150
Income (loss) before income taxes		159,258			150,709			(62,317	)		430,141			(263,093	)
Income tax expense		19,261			30,408			26,173			83,472			39,055
Net income (loss)	$	139,997		$	120,301		$	(88,490	)	$	346,669		$	(302,148	)
Net income (loss) per share:
Basic net income (loss) per share	$	1.11		$	0.94		$	(0.70	)	$	2.73		$	(2.41	)
Diluted net income (loss) per share	$	1.10		$	0.94		$	(0.70	)	$	2.71		$	(2.41	)
Number of shares used in per share calculations:
Basic		126,339			127,307			126,273			126,933			125,595
Diluted		127,786			128,587			126,273			128,126			125,595

1 Derived from audited financial statements

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Lam Announces Financial Results for the June 2010 Quarter

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

	June 27, 2010		March 28, 2010		June 28, 2009
	(unaudited)		(unaudited)		(1)
ASSETS
Cash and cash equivalents	$	545,767	$	461,369	$	374,167
Short-term investments		280,690		217,178		205,221
Accounts receivable, net		499,890		521,810		253,585
Inventories		318,479		281,469		233,410
Deferred income taxes		46,158		49,363		69,043
Other current assets		65,677		73,546		101,714
Total current assets		1,756,661		1,604,735		1,237,140
Property and equipment, net		200,336		203,037		215,666
Restricted cash and investments		165,234		165,284		178,439
Deferred income taxes		26,218		14,380		17,007
Goodwill and intangible assets		236,906		242,868		260,787
Other assets		102,037		94,055		84,145
Total assets	$	2,487,392	$	2,324,359	$	1,993,184
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	558,657	$	533,361	$	382,076
Long-term debt and capital leases	$	17,645	$	20,314	$	40,886
Income taxes payable		110,462		113,364		102,999
Other long-term liabilities		32,493		12,872		14,134
Stockholders’ equity		1,768,135		1,644,448		1,453,089
Total liabilities and stockholders’ equity	$	2,487,392	$	2,324,359	$	1,993,184

1 Derived from audited financial statements

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Lam Announces Financial Results for the June 2010 Quarter

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Three Months Ended									Twelve Months Ended
	June 27, 2010			March 28, 2010			June 28, 2009			June 27, 2010			June 28, 2009
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(1)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	139,997		$	120,301		$	(88,490	)	$	346,669		$	(302,148	)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization		17,664			17,872			17,694			71,401			72,417
Deferred income taxes		(8,633	)		640			19,913			13,718			30,545
Restructuring charges, net		16,740			—			5,396			24,752			65,506
Goodwill impairment		—			—			7,179			—			96,255
Equity-based compensation expense		12,329			10,917			13,358			50,463			53,042
Income tax benefit on equity-based compensation plans		9,944			477			(1,173	)		10,635			(14,294	)
Excess tax benefit on equity-based compensation plans		(9,261	)		(370	)		(237	)		(10,234	)		6,273
Other, net		648			1,210			2,535			3,190			9,353
Changes in operating asset and liabilities:		(13,995	)		(41,781	)		(34,295	)		(159,881	)		(95,078	)
Net cash provided by (used for) operating activities		165,433			109,266			(58,120	)		350,713			(78,129	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and intangible assets		(12,042	)		(10,823	)		(5,848	)		(35,590	)		(44,282	)
Acquisitions of businesses, net of cash acquired		—			—			—			—			(19,457	)
Net sales/maturities (purchases) of available-for-sale securities		(63,958	)		(3,238	)		93,056			(77,987	)		173,764
Purchase of other investments		(1,223	)		—			—			(2,184	)		(3,439	)
Transfer of restricted cash and investments		50			19,629			(44,458	)		13,205			(92,206	)
Other		(800	)		—			2,000			(800	)		(8,375	)
Net cash provided by (used for) investing activities		(77,973	)		5,568			44,750			(103,356	)		6,005
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt and capital lease obligations		(616	)		(17,820	)		(911	)		(21,040	)		(256,047	)
Net proceeds from issuance of long-term debt		—			—			—			336			625
Excess tax benefit on equity-based compensation plans		9,261			370			237			10,234			(6,273	)
Treasury stock purchases		(17,860	)		(72,240	)		(3,197	)		(93,032	)		(30,946	)
Reissuances of treasury stock		6,173			5,518			6,271			17,452			19,797
Proceeds from issuance of common stock		5,563			1,441			6,287			13,386			12,014
Net cash provided by (used for) financing activities		2,521			(82,731	)		8,687			(72,664	)		(260,830	)
Effect of exchange rate changes on cash		(5,583	)		(900	)		4,202			(3,093	)		(25,416	)
Net increase (decrease) in cash and cash equivalents		84,398			31,203			(481	)		171,600			(358,370	)
Cash and cash equivalents at beginning of period		461,369			430,166			374,648			374,167			732,537
Cash and cash equivalents at end of period	$	545,767		$	461,369		$	374,167		$	545,767		$	374,167

1 Derived from audited financial statements

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Lam Announces Financial Results for the June 2010 Quarter

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

(in thousands, except per share data)

(unaudited)

	Three Months  Ended June 27, 2010			Three Months  Ended March 28, 2010
U.S. GAAP net income	$	139,997		$	120,301
Pre-tax non-ongoing items:
Restructuring and asset impairments - cost of goods sold		3,438			—
Restructuring and asset impairments - operating expenses		13,302			—
Net tax (benefit) on non-ongoing items		(7,667	)		—
Ongoing net income	$	149,070		$	120,301
Ongoing net income per diluted share	$	1.17		$	0.94
Number of shares used for diluted per share calculation		127,786			128,587

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 June 27, 2010			Three Months  Ended March 28, 2010
U.S. GAAP gross margin	$	321,442		$	292,871
Pre-tax non-ongoing items:
Restructuring and asset impairments - cost of goods sold		3,438			—
Ongoing gross margin	$	324,880		$	292,871
U.S. GAAP gross margin as a percent of revenue		46.2	%		46.3	%
Ongoing gross margin as a percent of revenue		46.7	%		46.3	%
U.S. GAAP operating expenses	$	165,725		$	143,778
Pre-tax non-ongoing items:
Restructuring and asset impairments - operating expenses		(13,302	)		—
Ongoing operating expenses	$	152,423		$	143,778
Ongoing operating income	$	172,457		$	149,093
Ongoing operating margin as a percent of revenue		24.8	%		23.6	%

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