Proactive Investors - Applied Materials Inc (NASDAQ:AMAT, ETR:AP2) shares jumped more than 11% after Thursday’s closing bell as the semiconductor manufacturer projected higher-than-expected sales and profits for the current quarter.
For the second quarter, Applied Materials said it expects revenue at $6.5 billion, plus or minus $400 million, and adjusted diluted earnings per share (EPS) in the range of $1.79 to $2.15.
Analysts, in contrast, had forecast revenue of $6.28 billion and adjusted EPS of $1.79.
The company’s first quarter sales and profits were also ahead of expectations.
For the quarter ended January 28, 2024, revenue was $6.71 billion, down slightly from $6.74 billion but ahead of the Wall Street consensus expectation of $6.47 billion.
Adjusted EPS increased 5% year-over-year to $2.13, ahead of estimates of $1.90.
“Applied Materials delivered strong results in the first quarter of fiscal 2024 and has outperformed our markets for the fifth consecutive year,” Applied Materials CEO Gary Dickerson said in a statement.
“Our leadership positions at key semiconductor inflections support continued outperformance as customers ramp next-generation chip technologies critical to AI and IoT over the next several years.”
Applied Materials shares had gained 11.4% at about $209 shortly following the release of its earnings report.