SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Applied Materials Inc. (AMAT) on Thursday reported fiscal third-quarter net income of $2.54 billion.
The Santa Clara, California-based company said it had profit of $3.17 per share. Earnings, adjusted for non-recurring costs, were $3.50 per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.38 per share.
The maker of chipmaking equipment posted revenue of $9.12 billion in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $9 billion.
For the current quarter ending in October, Applied Materials expects its per-share earnings to range from $3.82 to $4.22.
The company said it expects revenue in the range of $9.75 billion to $10.75 billion for the fiscal fourth quarter.
Applied Materials shares have more than doubled since the beginning of the year, while the S&P’s 500 index has increased 14%. In the final minutes of trading on Thursday, shares hit $536.30, nearly tripling 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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