Applied Materials (AMAT) reports earnings, shares jump after-hours

NASDAQ: AMAT | Applied Materials, Inc. News, Ratings, and Charts

AMAT – The company reported fiscal second-quarter net income of $666 million, or 70 cents a share.

Applied Materials AMAT, +0.39% shares rose nearly 5% in the extended session Thursday after chip and display maker beat the consensus revenue and earnings expectations. The company reported fiscal second-quarter net income of $666 million, or 70 cents a share, compared with $1.1 billion, or $1.06 a share, in the year-ago period. Adjusted for items related to acquisitions, among other things, earnings were also 70 cents a share. Revenue fell to $3.54 billion from $4.58 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 66 cents a share on revenue of $3.5 billion. For the fiscal third quarter, analysts expect adjusted earnings of 70 cents a share on sales of $3.67 billion. The company said it expects fiscal third-quarter adjusted earnings of 67 cents to 75 cents a share on sales of $3.53 billion. Applied Materials stock has fallen 25% in the past year, with the S&P 500 index SPX, +0.89% rising 4.7%.

Applied Materials Inc. shares rose $2.79 (+6.70%) in after-hours trading Thursday. Year-to-date, AMAT has gained 27.90%, versus a 15.62% rise in the benchmark S&P 500 index during the same period.

AMAT currently has a POWR Rating of C (Neutral), and is ranked #37 of 90 stocks in the Semiconductor & Wireless Chip category.

This article is brought to you courtesy of MarketWatch.

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