Applied Materials: Fiscal Q1 Earnings Snapshot

SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Applied Materials Inc. (AMAT) on Thursday reported fiscal first-quarter net income of $1.72 billion.

The Santa Clara, California-based company said it had net income of $2.02 per share. Earnings, adjusted for one-time gains and costs, were $2.03 per share.

The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.93 per share.

The maker of chipmaking equipment posted revenue of $6.74 billion in the period, which also topped Street forecasts. Nine analysts surveyed by Zacks expected $6.69 billion.

For the current quarter ending in April, Applied Materials expects its per-share earnings to range from $1.66 to $2.02. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.73.

The company said it expects revenue in the range of $6 billion to $6.8 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $6.43 billion.

Applied Materials shares have risen 18% since the beginning of the year, while the S&P’s 500 index has increased 6.5%. In the final minutes of trading on Thursday, shares hit $115.38, a drop of 18% 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