Applied Materials (AMAT) Weak On In-Line Q3, But Dismal Outlook
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Price: $492.32 -0.78%
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Income before income taxes: 564M
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Financial Fact:
Income before income taxes: 564M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Shares of Applied Materials (Nasdaq: AMAT) are flailing after-hours Wednesday following lackluster third quarter results and lower guidance from the semiconductor company.
Applied Materials reported revenues for the quarter of $2.34 billion, down from the $2.54 billion reported in the second quarter and $2.79 billion in the same quarter last year. The number eclipsed the $2.32 billion Wall Street analysts were expecting.
Non-GAAP net income shrunk to $300 million in the quarter, down from $349 million in the second quarter and $467 million in the same quarter last year. EPS was $0.24, down from $0.35 last year but above the Wall Street consensus of $0.22.
"We delivered solid financial performance in line with our outlook despite challenging industry conditions in semiconductor, display and solar," said Mike Splinter, chairman and CEO. " Economic uncertainty is weighing on top of a seasonal pullback to produce weaker near-term demand."
Looking ahead, Applied Materials sees fourth quarter net sales down 25 percent to 40 percent lower sequentially, or $1.404 billion - $1.755 billion. This compares to the Wall Street consensus of $1.94 billion. The company sees non-GAAP EPS to be in the range of $0.00 to $0.06, which is below the $0.12 Wall Street analyst were expecting.
Shares of AMAT last traded at $11.50, down 2.5 percent from the close.
Applied Materials reported revenues for the quarter of $2.34 billion, down from the $2.54 billion reported in the second quarter and $2.79 billion in the same quarter last year. The number eclipsed the $2.32 billion Wall Street analysts were expecting.
Non-GAAP net income shrunk to $300 million in the quarter, down from $349 million in the second quarter and $467 million in the same quarter last year. EPS was $0.24, down from $0.35 last year but above the Wall Street consensus of $0.22.
"We delivered solid financial performance in line with our outlook despite challenging industry conditions in semiconductor, display and solar," said Mike Splinter, chairman and CEO. " Economic uncertainty is weighing on top of a seasonal pullback to produce weaker near-term demand."
Looking ahead, Applied Materials sees fourth quarter net sales down 25 percent to 40 percent lower sequentially, or $1.404 billion - $1.755 billion. This compares to the Wall Street consensus of $1.94 billion. The company sees non-GAAP EPS to be in the range of $0.00 to $0.06, which is below the $0.12 Wall Street analyst were expecting.
Shares of AMAT last traded at $11.50, down 2.5 percent from the close.
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