Applied Materials stock wobbles following record results, strong outlook

2 months ago 17
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Applied Materials Inc. fluctuated betwixt flimsy gains and losses successful the extended league Thursday aft the institution turned successful grounds results and an outlook that topped Wall Street’s expectations.

Applied Materials  AMAT, +1.44% shares sought absorption aft hours, moving betwixt 1% gains and losses, pursuing a 1.4% summation successful the regular league to adjacent astatine $129.20. The banal has surged 96% successful the past 12 months, arsenic the S&P 500 scale SPX, +0.13% has gained 31%.

The company reported grounds nett income of $1.72 billion, oregon $1.87 a share, for the fiscal 3rd quarter, compared with $841 million, oregon 91 cents a share, successful the year-ago period. Adjusted earnings, which excluded the effect of share-based compensation and different items, were $1.90 a share, compared with $1.06 a stock successful the year-ago period.

Revenue roseate to a grounds $6.2 cardinal from $4.4 cardinal successful the year-ago quarter. Analysts surveyed by FactSet had forecast $1.77 a stock connected gross of $5.94 billion.

Applied Materials makes instrumentality to manufacture semiconductors, which person been successful abbreviated proviso precocious arsenic request for electronics, cars and different products that trust connected chips has spiked amid the COVID-19 pandemic.

“Applied Materials delivered grounds show arsenic semipermanent trends fueled by the integer translation of the system thrust strong, secular request for semiconductors,” said Gary Dickerson, Applied Materials main executive, successful a statement.

“Applied has the broadest and astir enabling portfolio of technologies to accelerate our customers’ roadmaps, putting america successful a large presumption to outperform our markets again successful 2021 and the years ahead,” Dickerson said.

For the 4th quarter, Applied Materials forecast adjusted net of $1.87 to $2.01 a stock connected income of $6.08 cardinal to $6.58 billion. Analysts connected mean had been expecting adjusted net of $1.81 a stock connected gross of $6.04 billion, according to FactSet.

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