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Applied Materials, Inc. Stock Slides on Weak Q3 Outlook

Applied Materials, Inc. (NASDAQ:AMAT) shares were down late today as the company unveiled its latest quarterly earnings results, which included a weak outlook for its current quarter.

Applied Materials, Inc.The company said that for its fiscal second-quarter of 2018 it brought in net income of $1.13 billion, or $1.10 per share, which was stronger than the $824 million, or 76 cents per share from the year-ago quarter. On an adjusted basis, the company amassed $1.22 per share, which marked a year-over-year increase of 54%.

Applied Materials did top analysts’ expectations as the Wall Street consensus estimate called for adjusted earnings of $1.14 per share, according to data compiled by FactSet. The company brought in revenue of $4.57 billion during its second quarter, topping the $3.55 billion from the year-ago quarter, which was better than the $4.45 billion that Wall Street called for in its consensus estimate, according to FactSet.

For the fiscal third quarter, the company predicts that it will bring in adjusted earnings in the range of $1.13 to $1.21 per share, while revenue is slated to be in the range of $4.33 billion to $4.53 billion. Analysts are calling for adjusted earnings of $1.16 per share on revenue of $4.53 billion, according to data compiled by FactSet.

AMAT stock was down about 2.2% during regular trading hours and fell a further 4.9% after the bell Thursday.

Article printed from InvestorPlace Media, https://investorplace.com/2018/05/applied-materials-inc-amat-3/.

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