SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Applied Materials Inc. (AMAT) on Thursday reported fiscal second-quarter net income of $1.72 billion.
On a per-share basis, the Santa Clara, California-based company said it had net income of $2.06. Earnings, adjusted for non-recurring costs, were $2.09 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.97 per share.
The maker of chipmaking equipment posted revenue of $6.65 billion in the period, which also topped Street forecasts. Nine analysts surveyed by Zacks expected $6.51 billion.
For the current quarter ending in July, Applied Materials expects its per-share earnings to range from $1.83 to $2.19.
The company said it expects revenue in the range of $6.65 billion for the fiscal third quarter.
Applied Materials shares have risen 33% since the beginning of the year, while the S&P’s 500 index has risen 11%. In the final minutes of trading on Thursday, shares hit $214.79, an increase of 78% in the last 12 months.
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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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