SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Applied Materials Inc. (AMAT) on Thursday reported fiscal first-quarter earnings of $2.03 billion.
The Santa Clara, California-based company said it had profit of $2.54 per share. Earnings, adjusted for one-time gains and costs, were $2.38 per share.
The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.19 per share.
The maker of chipmaking equipment posted revenue of $7.01 billion in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $6.89 billion.
For the current quarter ending in April, Applied Materials expects its per-share earnings to range from $2.44 to $2.84.
The company said it expects revenue in the range of $7.15 billion to $8.15 billion for the fiscal second quarter.
Applied Materials shares have risen 29% since the beginning of the year, while the S&P’s 500 index has stayed nearly flat. In the final minutes of trading on Thursday, shares hit $330.33, a rise of 83% 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