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UPDATE 1-Lam Research revenue, profit beat estimates as chip demand booms

(Adds details on shipments, background, compares with estimates)

Oct 17 (Reuters) - Lam Research Corp, a maker and supplier of chip equipment, reported better-than-expected quarterly profit and revenue as the company benefited from chipmakers stepping up investments in technology and capacity.

The company's shares, which touched a record high of $195.49 on Tuesday, have soared 84 percent this year.

Lam Research is riding a surge in spending by its chipmaker customers who are looking to take advantage of higher average selling prices of dynamic random access memory (DRAM) chips, used in PCs and servers, and NAND chips, used in smartphones.

Customer Micron Technology Inc said last month it expected capital expenditure to be around $7.5 billion for its fiscal 2018, up from $5.1 billion in 2017.

Lam Research's shipments, a key metric of demand for its semiconductor equipment, fell 6.3 percent to $2.38 billion in the quarter, but beat analysts' average estimate of $2.32 billion, according to data and analytics firm FactSet.

The company's net income more than doubled to $590.7 million, or $3.21 per share, in the quarter ended Sept. 24, from $236.8 million, or $1.47 per share, a year earlier.

Revenue rose 52 percent to $2.48 billion, edging past the analysts' estimate of $2.47 billion, according to Thomson Reuters I/B/E/S.

Excluding certain items, the company earned $3.46 per share, beating expectations of $3.28. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila)