Applied Materials Inc. delivered upbeat results and guidance Thursday afternoon, and its shares rose in the extended session.
The chip equipment company reported fiscal first-quarter net income of $2.02 billion, or $2.41 per share, compared with $1.72 billion, or $2.02 per share, in the quarter of the previous year.
On a rectified basis, AMAT Applied Materials,
it earned $2.13 per share, up from $2.03 per share a year earlier, while analysts tracked by FactSet estimated $1.90 per share.
Net revenue fell from $6.74 billion to $6.71 billion, but was above consensus forecasts of $6.48 billion.
The stock rose 12% in after-hours action Thursday.
Light: Super Micro shares are up 900% in a year. Why BofA is making a “buy” call.
“Our leadership positions in key semiconductor sectors support continued outperformance as customers develop next-generation chip technologies critical to AI and IoT [Internet of Things] in the coming years,” CEO Gary Dickerson said in a statement.
The company expects revenue of $6.1 billion to $6.9 billion for the current quarter, with the midpoint of that forecast – $6.5 billion – beating the FactSet consensus of $6.34 billion.
Applied Materials also models adjusted earnings per share between $1.79 and $2.15, with the midpoint being $1.97. Analysts had estimated $1.80.
See also: Nvidia reveals positions in SoundHound AI, Arm and these other stocks