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Applied Materials'
earnings Beat On Top And Bottom Lines
Applied Materials' (AMAT) latest financial results have beat Wall Street forecasts across the board.
The microchip-equipment maker whose components are used by companies such as Nvidia (NVDA) and Advanced Micro Devices (AMD) reported results for what was its fiscal second-quarter.
Applied Materials announced earnings per share of $2.09 U.S., which was ahead of analysts' consensus estimates that called for a profit of $1.99 U.S. per share.
Revenue in the quarter totaled $6.65 billion U.S., which topped Wall Street forecasts of $6.54 billion U.S.
The company, which has been a going concern since 1967 and whose early products are housed in the Smithsonian Museum, also raised its forward guidance.
For its current fiscal third quarter, Applied Materials said it expects $6.65 billion U.S. of revenue and $2.19 U.S. in earnings per share.
Analysts had penciled in for the company sales of $6.59 billion U.S. and a profit of $1.98 U.S. a share.
In a news release announcing the financial results, Applied Materials chief executive officer (CEO) Gary Dickerson said the company is built for long-term growth.
Applied Materials' stock has increased 70% over the last 12 months and currently trades at $214.17 U.S. per share.
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