By Yasin Ebrahim
Investing.com - Applied Materials (NASDAQ:AMAT) reported Thursday first-quarter resullts that topped expectations and delivered an upbeat second-quarter outlook amid an acceleration in chip demand that has bolstered growth.
Applied Materials was flat in after-hours trade.
Applied Materials announced earnings per share of $1.39 on revenue of $5.16B. Analysts polled by Investing.com anticipated EPS of $1.28 on revenue of $4.97B.
“In our first fiscal quarter, we’ve seen a continued acceleration of demand in our semiconductor business as major macro and industry trends fuel increasing consumption of silicon across a wide range of markets and applications,” said Gary Dickerson, president and CEO.
Looking ahead to the second quarter, the company forecast adjusted diluted EPS in the range of $1.44 to $1.56 on sales of about $5.39 billion, plus or minus $200 million, beating estimates for EPS of $1.28 on sales of $4.97 billion.
Foundry, logic and other sales were up 58% in Q4 year-on-year, while DRAM and flash memory grew 17% and 25% respectively.
Applied Materials shares are up 31% from the beginning of the year, still down 6.32% from its 52 week high of $121.06 set on February 16. They are outperforming the Nasdaq 100 which is up 5.81% from the start of the year.
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