SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Applied Materials Inc. (AMAT) on Thursday reported fiscal second-quarter net income of $1.58 billion.
On a per-share basis, the Santa Clara, California-based company said it had net income of $1.86. Earnings, adjusted for non-recurring costs, were $2 per share.
The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.84 per share.
The maker of chipmaking equipment posted revenue of $6.63 billion in the period, also beating Street forecasts. Nine analysts surveyed by Zacks expected $6.4 billion.
For the current quarter ending in July, Applied Materials expects its per-share earnings to range from $1.56 to $1.92. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.73.
The company said it expects revenue in the range of $5.75 billion to $6.55 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $6.43 billion.
Applied Materials shares have increased 34% since the beginning of the year, while the S&P’s 500 index has increased slightly more than 9%. In the final minutes of trading on Thursday, shares hit $130.51, a climb of 17% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMAT at https://www.zacks.com/ap/AMAT
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