SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Applied Materials Inc. (AMAT) on Thursday reported fiscal third-quarter profit of $1.71 billion.
The Santa Clara, California-based company said it had profit of $2.05 per share. Earnings, adjusted for non-recurring costs, were $2.12 per share.
The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.01 per share.
The maker of chipmaking equipment posted revenue of $6.78 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $6.67 billion.
For the current quarter ending in October, Applied Materials expects its per-share earnings to range from $2 to $2.36.
The company said it expects revenue in the range of $6.53 billion to $7.33 billion for the fiscal fourth quarter.
Applied Materials shares have increased 31% since the beginning of the year, while the S&P’s 500 index has climbed 16%. In the final minutes of trading on Thursday, shares hit $212.37, a climb of 52% 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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