Applied Materials (NASDAQ:AMAT) unveiled its quarterly earnings results late today, bringing in a profit that declined year-over-year but topped expectations, while its revenue was stronger than what analysts called for as well, playing a role in AMAT stock soaring after hours Thursday.
The Santa Clara, Calif.-based semiconductor business said that for its second quarter of its fiscal 2019, it posted net sales of $3.54 billion, which fell 22.7% year-over-year. However, the figure was stronger than the Wall Street guidance of $3.48 billion, according to data compiled by Refinitiv.
Applied Materials added that its adjusted net income for the period declined to $660 million, or 70 cents per share, from $1.24 billion, or $1.19 per share in the year-ago quarter. The Wall Street guidance called for adjusted earnings of 66 cents per share for the brand.
The company’s semiconductor systems sales of $2.18 billion, which marked a 25% decline compared to the year-ago quarter. However, the figure was stronger than the $2.16 billion that Wall Street called for.
For its third quarter of the fiscal year, Applied Materials predicts sales at a midpoint guidance of $3.53 billion, which is higher than the $3.51 billion that Wall Street projects. It sees earnings at 67 cents to 75 cents per share, again with a midpoint that is higher than the 69 cents per share that analysts call for.
AMAT stock is up about 6.8% on Thursday after hours as the company brought in sales that were stronger than what analysts called for, while its guidance for the current quarter also impressed. Shares had been increasing about 0.4% during regular trading hours today.