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Applied Materials Stock Sinks on Q1 Guidance Miss

Applied Materials stock (NASDAQ:AMAT) was sinking late in the day Thursday as the company posted its quarterly earnings results after hours, which came in in line of analyst expectations but its guidance missed the mark.

Applied Materials StockThe company said that for its fiscal fourth quarter of 2018, it brought in net income of $876 million, or 89 cents per share. The figure fell from the $982 million, or 91 cents per share from the year-ago period. On an adjusted basis, the company earned 97 cents per share, which was in line with the 97 cents per share that the Wall Street consensus estimate projected, according to data compiled by FactSet.

Applied Materials added that its revenue for its fourth quarter rose to $4.01 billion from $3.99 during the year-ago quarter. Analysts were calling for the company to amass sales of $4 billion, according to data compiled by FactSet.

For the fiscal first quarter, analysts are calling for adjusted earnings of 92 cents per share on revenue of $3.94 billion. The company projects adjusted earnings in the range of 75 cents to 83 cents per share, while revenue is slated to be between $3.56 billion to $3.86 billion.

AMAT stock was up nearly 4.3% during regular trading hours on Thursday as the company geared up to report its latest quarterly earnings results. Its weak first-quarter guidance sent shares tumbling about 8% after the bell on the day.

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