Applied Materials, Inc. (NASDAQ:AMAT) stock starts Friday on the front foot as the supplier to the semiconductor sector reported third-quarter 2023 revenue that surpassed market forecasts of $6.15 billion – albeit at $6.43 billion the figure did represent a 1% decline on the prior year comparative.
The semiconductor materials provider also posted earnings per share (EPS) for the period of $1.90, $0.16 better than expectations.
“Applied Materials executed well in our fiscal third quarter, with revenue and earnings at the high end of our guidance range,” Applied Materials CEO Gary Dickerson said in a statement.
In Friday’s early deals, Applied Materials stock was up US$4.99 or 3.63% trading at US$142.58.
“Applied Materials executed well in our fiscal third quarter, with revenue and earnings at the high end of our guidance range,” Applied Materials CEO Gary Dickerson said in a statement.
“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,” he added.
Looking ahead, Applied Materials sees 4Q revenue of $6.51 billion along with EPS in the range of $1.82 to $2.18, which exceeds the analyst consensus forecast of $5.86 billion and $1.61, respectively.
Shares of Applied Materials rose more than 3% in Thursday’s after-hours session and have gained 42% year to date.
Contact Sean at sean@proactiveinvestors.com