Applied Materials Stock Slides After Q1 Report, Weak Q2 Revenue Guidance

Applied Materials, Inc. AMAT reported its first-quarter results after Thursday’s closing bell. Here’s a look at the key figures from the quarter.

The Details: Applied Materials reported quarterly earnings of $2.38 per share which beat the $2.29 analyst consensus estimate. Quarterly revenue came in at $7.17 billion, beating the $7.14 billion consensus estimate.

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“The industry drive to accelerate the development of advanced compute and more sophisticated AI is gaining momentum,” said Gary Dickerson, CEO of Applied Materials.

“Applied Materials is enabling the major device architecture inflections critical for energy-efficient AI and our focus on high-velocity co-innovation creates unique collaboration opportunities with our customers and partners, positioning Applied for continued growth and outperformance in the years to come,” Dickerson added.

Outlook: The company sees second-quarter earnings of $2.30 per share, plus or minus 18 cents, versus the $2.30 estimate and revenue of $7.1 billion, plus or minus $400 million, versus the $7.21 billion estimate.

AMAT Price Action: According to data from Benzinga Pro, Applied Materials shares are down 5.41% after hours at $174.30 Thursday.  

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