FMP
Applied Materials Shares Rise Following Q2 Beat
May 17, 2024 2:52 PM - Davit Kirakosyan
Image credit: FMP
Applied Materials (NASDAQ:AMAT) shares rose around 2% intra-day today after the company reported fiscal second-quarter results and guidance, surpassing estimates as the artificial intelligence wave continues to drive chip demand.
For Q2, the company posted adjusted diluted earnings per share (EPS) of $2.09, up from $2.00 the previous year, while revenue increased to $6.65 billion from $6.63 billion. Analysts had expected EPS of $1.99 on revenue of $6.52 billion. The gross margin improved to 47.5% from 46.8% a year earlier.
Looking ahead to Q3, Applied Materials projected adjusted EPS in the range of $1.83 to $2.19 per share on sales of approximately $6.65 billion, plus or minus $400 million. Wall Street estimates had forecasted adjusted earnings of $1.98 per share on $6.59 billion in revenue.
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