Applied Materials Inc. delivered upbeat results and guidance Thursday afternoon, and its stock was surging in the extended session.
The chip-equipment company logged fiscal-first quarter net income of $2.02 billion, or $2.41 a share, compared with $1.72 billion, or $2.02 a share, in the year-prior quarter.
On an adjusted basis, Applied Materials
AMAT,
earned $2.13 a share, up from $2.03 a share a year before, while analysts tracked by FactSet were modeling $1.90 a share.
Net revenue inched lower to $6.71 billion from $6.74 billion, but came in above consensus forecasts, which were for $6.48 billion.
The stock was up nearly 10% in after-hours action Thursday.
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“Our leadership positions at key semiconductor inflections support continued outperformance as customers ramp next-generation chip technologies critical to AI and IoT [Internet of Things] over the next several years,” Chief Executive Gary Dickerson said in a release.
The company expects $6.1 billion to $6.9 billion in revenue for the ongoing quarter, with the midpoint of that forecast — $6.5 billion — beating out the $6.34 billion FactSet consensus.
Applied Materials also models $1.79 to $2.15 in adjusted earnings per share, the midpoint of which is $1.97. Analysts had been modeling $1.80.
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