[ad_1]
Chip gear maker Applied Materials (AMAT) on Thursday reported fiscal third-quarter revenue that fell from a year earlier but topped expectations. AMAT stock climbed on the news as the company also offered a forecast that was well ahead of views.
X
For the quarter ended July 30, AMAT earnings dipped 2% to $1.90 per share. Revenue fell 1% to $6.43 billion, said the Santa Clara, Calif.-based company.
Analysts polled by FactSet had expected earnings of $1.74 a share on sales of $6.15 billion.
“Over the past several years, we have focused our strategy and investments on key technologies to accelerate the Internet of Things and AI era, enabling us to consistently deliver strong results in 2023 and positioning Applied Materials for sustainable outperformance,” Chief Executive Gary Dickerson said in the earnings press release.
AMAT Stock: Forecast Tops Analyst Projections
The company also projected demand for the current quarter that was ahead of analyst expectations. Applied Materials predicted adjusted earnings of $2 a share on sales of $6.51 billion for its fiscal fourth quarter, based on the midpoint of its outlook.
Analysts, meanwhile, had called for earnings of $1.59 a share on sales of $5.87 billion.
On the stock market today, AMAT stock was up 3% in extended trading. During the regular session Thursday, AMAT stock edged down by less than 1%. Heading into the AMAT earnings report, shares had gained 44% in 2023.
According to IBD MarketSmith charts, AMAT stock holds a Relative Strength Rating of 91 out of a best-possible 99. Applied Materials has an IBD Composite Rating of 98 out of 99.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
YOU MIGHT ALSO LIKE:
IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today
Learn How To Time The Market With IBD’s ETF Market Strategy
How To Use The 10-Week Moving Average For Buying And Selling
Get Free IBD Newsletters: Market Prep | Tech Report | How To Invest
[ad_2]
Source link
