Applied Materials Smashes Earnings, Expects To Outperform Its Peers For 2023 – Applied Mat (NASDAQ:AMAT)

Shares of Applied Materials, Inc. AMAT are trading near flat during Thursday’s after-hours session following the company’s second-quarter earnings print; here’s what investors need to know.

By The Numbers: Applied Materials issued earnings of $2.00 per share, which came ahead of the $1.84 Street estimate, on revenues of $6.63 billion, ahead of the $6.38 billion estimate.

Applied ended the quarter with $4.588 billion in cash and cash equivalents.

“Our longer-term outlook is very positive as semiconductors become a larger and more strategically important market globally and major technology inflections are enabled by materials engineering, creating outsized growth opportunities for Applied,” CEO Gary Dickerson said in a statement.

The company said it expects to outperform other companies in the semiconductor market in 2023.

Applied expects net sales to be approximately $6.15 billion for the third quarter, plus or minus $400 million. Non-GAAP adjusted diluted EPS is expected to be in the range of $1.56 to $1.92.

AMAT Price action: Applied Materials shares closed Wednesday 3.36% up at $129.92, and are currently down 1.86% at $127.50 after-hours, according to data from Benzinga Pro.

Read Next: Palantir Surges Following Cathie Wood Buy, Break From Bull Flag: Here’s How To Play The Run Higher

Photo: General semiconductor photo via Shutterstock

Source link