Gear chip maker Applied materials (huge) on Thursday reported fiscal third-quarter revenue, which fell from a year earlier but beat expectations. AMAT stock rose on the news as the company also made a prediction that was ahead of the views.
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For the quarter ended July 30, AMAT’s earnings fell 2% to $1.90 a share. The Santa Clara, California-based company said revenue fell 1% to $6.43 billion.
Analysts polled by FactSet had forecast earnings of $1.74 per 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 the era of artificial intelligence, enabling us to deliver consistently strong results in 2023 and positioning applied materials for sustained superior performance,” CEO Gary Dickerson said in an earnings press release.
AMAT Stock: Analyst Expectations Tops Expectations
The company also forecasted demand for the current quarter, which was above analysts’ expectations. Applied Materials expected adjusted earnings of $2 per share on sales of $6.51 billion for the fiscal fourth quarter, based on the midpoint of its forecast.
Meanwhile, analysts called earnings of $1.59 per share on sales of $5.87 billion.
In today’s stock market, AMAT stock is up 3% in extended trading periods. During the regular session on Thursday, AMAT stock fell less than 1%. As AMAT’s earnings report approaches, shares are up 44% in 2023.
according to IBD Market Smith Charts AMAT stock carries a relative strength rating of 91 out of the 99 best possible. Applied Materials has an IBD composite rating of 98 out of 99.
Follow Reinhardt Krause on Twitter @employee For updates on 5G wireless networks, artificial intelligence, cybersecurity, and cloud computing.
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