Applied Materials: Fiscal Q2 Earnings Snapshot
SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Applied Materials Inc. (AMAT) on Thursday reported fiscal second-quarter earnings of $2.14 billion.
On a per-share basis, the Santa Clara, California-based company said it had net income of $2.63. Earnings, adjusted for one-time gains and costs, were $2.39 per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $2.31 per share.
The maker of chipmaking equipment posted revenue of $7.1 billion in the period, which fell short of Street forecasts. Ten analysts surveyed by Zacks expected $7.12 billion.
For the current quarter ending in July, Applied Materials expects its per-share earnings to range from $2.15 to $2.55.
The company said it expects revenue in the range of $6.7 billion to $7.7 billion for the fiscal third quarter.
Applied Materials shares have increased 7.5% since the beginning of the year, while the S&P's 500 index has climbed 0.5%. In the final minutes of trading on Thursday, shares hit $174.88, a fall of 20% 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