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Applied Materials: Fiscal Q3 Earnings Snapshot

August 18, 2022 GMT

SANTA CLARA, Calif. (AP) _ Applied Materials Inc. (AMAT) on Thursday reported fiscal third-quarter earnings of $1.61 billion.

The Santa Clara, California-based company said it had net income of $1.85 per share. Earnings, adjusted for non-recurring costs, were $1.94 per share.

The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.78 per share.

The maker of chipmaking equipment posted revenue of $6.52 billion in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $6.26 billion.

For the current quarter ending in October, Applied Materials expects its per-share earnings to range from $1.82 to $2.18. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.90.

The company said it expects revenue in the range of $6.25 billion to $7.05 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $6.53 billion.

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Applied Materials shares have decreased 31% since the beginning of the year, while the S&P’s 500 index has dropped 10%. In the final minutes of trading on Thursday, shares hit $108.23, a decrease of 15% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMAT at https://www.zacks.com/ap/AMAT