Applied Materials earnings (NASDAQ:AMAT) were released late in the day on Thursday and the company posted results that came in ahead of what Wall Street was calling for, but an underwhelming forecast for its current quarter sent AMAT stock down after hours.

The Santa Clara, Ca.-based tech company said that for its first quarter of its fiscal 2019, it amassed net income of $771 million, or 80 cents per share. On an adjusted basis, it brought in earnings of 81 cents per share, marking a 23.6% decline from the $1.06 per share from the same quarter in its fiscal 2018.

Applied Material’s adjusted earnings were ahead of the Wall Street consensus guidance of 79 cents per share. The company added that its revenue for the period tallied up to $3.75 billion, marking a 10.7% decline when compared to its first quarter of 2018. The figure did beat analysts’ expectations of $3.71 billion in sales.

However, the company said that it sees its second-quarter adjusted earnings at just 62 cents to 70 cents per share, below the 76 cents per share that Wall Street calls for, according to FactSet. Applied Material also projects revenue of $3.33 billion to $3.63 billion for the period, below the $3.66 billion that FactSet is guiding in its survey of analysts.

AMAT stock fell about 1.5% after the bell on its weak second-quarter guidance Thursday. Shares had been sliding 0.3% during regular trading hours ahead of its report.