Chip gear maker Applied Materials (AMAT) on Thursday reported fiscal third-quarter revenue that fell from a year earlier but topped expectations. AMAT stock climbed on the news as the company also offered a forecast that was well ahead of views.
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For the quarter ended July 30, AMAT earnings dipped 2% to $1.90 per share. Revenue fell 1% to $6.43 billion, said the Santa Clara, Calif.-based company.
Analysts polled by FactSet had expected earnings of $1.74 a share on sales of $6.15 billion.
“Over the past several years, we have focused our strategy and investments on key technologies to accelerate the Internet of Things and AI era, enabling us to consistently deliver strong results in 2023 and positioning Applied Materials for sustainable outperformance,” Chief Executive Gary Dickerson said in the earnings press release.
AMAT Stock: Forecast Tops Analyst Projections
The company…
