Applied Materials: Fiscal 1Q Earnings Snapshot
SANTACLARA, Calif. (AP) _ Applied Materials Inc. (AMAT) on Thursday reported fiscal first-quarter net income of $771 million.
The Santaclara, California-based company said it had net income of 80 cents per share. Earnings, adjusted for non-recurring costs, came to 81 cents per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 79 cents per share.
The maker of chipmaking equipment posted revenue of $3.75 billion in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $3.72 billion.
For the current quarter ending in May, Applied Materials expects its per-share earnings to range from 62 cents to 70 cents.
The company said it expects revenue in the range of $3.33 billion to $3.63 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $3.67 billion.
Applied Materials shares have risen 25 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 10 percent. In the final minutes of trading on Thursday, shares hit $41, a decrease of 21 percent in the last 12 months.