diff --git a/packages/react-reconciler/src/ReactFiberLazyComponent.js b/packages/react-reconciler/src/ReactFiberLazyComponent.js
index cae98e4a1f599..5bfa10dbc3c75 100644
--- a/packages/react-reconciler/src/ReactFiberLazyComponent.js
+++ b/packages/react-reconciler/src/ReactFiberLazyComponent.js
@@ -48,22 +48,24 @@ export function readLazyComponentType<T>(lazyComponent: LazyComponent<T>): T {
       const ctor = lazyComponent._ctor;
       const thenable = ctor();
       thenable.then(
-        moduleObject => {
+        resolvedComponent => {
           if (lazyComponent._status === Pending) {
-            const defaultExport = moduleObject.default;
+            if (resolvedComponent.default) {
+              resolvedComponent = resolvedComponent.default;
+            }
             if (__DEV__) {
-              if (defaultExport === undefined) {
+              if (resolvedComponent === undefined) {
                 warning(
                   false,
-                  'lazy: Expected the result of a dynamic import() call. ' +
+                  'lazy: Expected a promise that resolves to a React component. ' +
                     'Instead received: %s\n\nYour code should look like: \n  ' +
                     "const MyComponent = lazy(() => import('./MyComponent'))",
-                  moduleObject,
+                  resolvedComponent,
                 );
               }
             }
             lazyComponent._status = Resolved;
-            lazyComponent._result = defaultExport;
+            lazyComponent._result = resolvedComponent;
           }
         },
         error => {
diff --git a/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js b/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js
index 80639c8831ba6..9299203feb839 100644
--- a/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js
+++ b/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js
@@ -102,9 +102,7 @@ describe('ReactLazy', () => {
     expect(root).toMatchRenderedOutput('FooBar');
   });
 
-  it('does not support arbitrary promises, only module objects', async () => {
-    spyOnDev(console, 'error');
-
+  it('supports named imports', async () => {
     const LazyText = lazy(async () => Text);
 
     const root = ReactTestRenderer.create(
@@ -115,18 +113,14 @@ describe('ReactLazy', () => {
         unstable_isConcurrent: true,
       },
     );
+
     expect(root).toFlushAndYield(['Loading...']);
     expect(root).toMatchRenderedOutput(null);
 
     await Promise.resolve();
 
-    if (__DEV__) {
-      expect(console.error).toHaveBeenCalledTimes(1);
-      expect(console.error.calls.argsFor(0)[0]).toContain(
-        'Expected the result of a dynamic import() call',
-      );
-    }
-    expect(root).toFlushAndThrow('Element type is invalid');
+    expect(root).toFlushAndYield(['Hi']);
+    expect(root).toMatchRenderedOutput('Hi');
   });
 
   it('throws if promise rejects', async () => {