Semiconductor equipment manufacturer Applied Materials (AMAT) late Thursday reported sales and earnings that topped views for its fiscal second quarter, and the company guided analysts higher for the current quarter.
Investors initially were unimpressed but eventually sent Applied Materials stock higher by nearly 2% to 44.70 in after-hours trading on the stock market today. During the regular session Thursday, Applied shares rose 2.7% to 43.91. The stock hit a record high of 45.08 on Tuesday.
Santa Clara, Calif.-based Applied earned an adjusted 79 cents a share, up 132% year over year, on sales of $3.55 billion, up 45%, for the period ended April 30. It was the company’s third straight quarter of triple-digit earnings growth.
For the current quarter, Applied expects to earn 83 cents a share excluding items, up 66% year over year, on sales of $3.68 billion, up 30%, based on the midpoint of its guidance.
Wall Street had been modeling Applied Materials to earn 69 cents a share, up 38%, on sales of $3.42 billion, up 21%, in the company’s fiscal third quarter.
“Across the company we have tremendous momentum as our markets are strong and getting stronger, and we’re sustainably growing faster than these markets by expanding our served opportunity and gaining share,” Applied Chief Executive Gary Dickerson said in a prepared statement.
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