SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Applied Materials Inc. (AMAT) on Thursday reported fiscal second-quarter earnings of $2.81 billion.
The Santa Clara, California-based company said it had profit of $3.51 per share. Earnings, adjusted for one-time gains and costs, came to $2.86 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.68 per share.
The maker of chipmaking equipment posted revenue of $7.91 billion in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $7.69 billion.
For the current quarter ending in July, Applied Materials expects its per-share earnings to range from $3.16 to $3.56.
The company said it expects revenue in the range of $8.45 billion to $9.45 billion for the fiscal third quarter.
Applied Materials shares have increased 72% since the beginning of the year, while the S&P’s 500 index has increased nearly 10%. In the final minutes of trading on Thursday, shares hit $441.30, more than doubling 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