Applied Materials: Fiscal Q3 Earnings Snapshot
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.
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.