Sunday, May 19, 2024

Chip Gear Giant Applied Materials Posts Beat-And-Raise Report

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Semiconductor equipment vendor Applied Materials (AMAT) late Thursday beat estimates for its fiscal second quarter and guided above views for the current period. But AMAT stock fell in extended trading.




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The Santa Clara, Calif.-based company earned an adjusted $2.09 a share on sales of $6.65 billion in the quarter ended April 28. Analysts polled by FactSet had expected earnings of $1.99 a share on sales of $6.54 billion. In the year-earlier period, Applied Materials earned an adjusted $2 a share on sales of $6.63 billion.

For the current quarter, Applied Materials expects to earn an adjusted $2.01 a share on sales of $6.65 billion. That’s based on the midpoint of its guidance. Wall Street was modeling earnings of $1.98 a share on sales of $6.59 billion in the fiscal third quarter. In the year-earlier period, Applied Materials earned an adjusted $1.90 a share on sales of $6.43 billion.

In after-hours trading on the stock market today, AMAT stock retreated 1.5% to 210.90. During the regular session Thursday, AMAT stock sank 1.5% to close at 214.17.

On Wednesday, AMAT stock broke out of a flat base at a buy point of 214.91, according to IBD MarketSurge charts.

Further, Applied Materials is on the IBD Tech Leaders list.

Earnings report details to follow.

Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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