Semiconductor equipment giant Applied Materials (AMAT) late Thursday beat expectations for its fiscal first quarter, but offered mixed guidance for the current quarter. AMAT stock slid in extended trading.
The Santa Clara, Calif.-based company earned an adjusted $2.38 a share on sales of $7.17 billion in the quarter ended Jan. 26. Analysts polled by FactSet had expected earnings of $2.28 a share on revenue of $7.15 billion. In the year-earlier period, Applied Materials earned an adjusted $2.13 a share on sales of $6.71 billion.
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For the current quarter, Applied Materials forecast adjusted earnings of $2.30 a share on revenue of $7.1 billion. That’s based on the midpoint of its guidance. Wall Street was modeling earnings of $2.29 a share on sales of $7.21 billion for the fiscal second quarter.
In after-hours trading on the stock market today, AMAT stock fell more than 3% to 177. During the regular session Thursday, AMAT stock rose 1.9% to close at 184.27.
Earnings report details to follow.
Other semiconductor equipment stocks moving on earnings news Thursday included Advanced Energy Industries (AEIS), MKS Instruments (MKSI) and Nova (NVMI).
Advanced Energy and Nova surged after their better-than-expected results. But MKS tumbled after its report.
Applied Materials ranks seventh out of 27 stocks in IBD’s semiconductor equipment industry group, according to IBD Stock Checkup. AMAT stock has an IBD Composite Rating of 55 out of 99.
Meanwhile, Nova ranks first in the group with a Composite Rating of 97.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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