Applied Materials: Fiscal 3Q Earnings Snapshot
SANTA CLARA, Calif. (AP) _ Applied Materials Inc. (AMAT) on Thursday reported fiscal third-quarter net income of $571 million.
The Santa Clara, California-based company said it had net income of 61 cents per share. Earnings, adjusted for non-recurring costs, came to 74 cents per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.
The maker of chipmaking equipment posted revenue of $3.56 billion in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $3.53 billion.
For the current quarter ending in October, Applied Materials expects its per-share earnings to range from 72 cents to 80 cents.
The company said it expects revenue in the range of $3.54 billion to $3.84 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $3.68 billion.
Applied Materials shares have risen 44% since the beginning of the year, while the Standard & Poor’s 500 index has increased 14%. In the final minutes of trading on Thursday, shares hit $47.14, a decrease of almost 1% in the last 12 months.