Applied Materials reports upbeat guidance after Q2 results top estimates

Investing.com -- Applied Materials reported Thursday fiscal second-quarter results and guidance that beat estimates as the artificial intelligence wave continues to boost chip demand.

Applied Materials Inc (NASDAQ: AMAT) fell more than 2% in afterhours following the news.

Fro three months ended Apr. 28, adjusted diluted earnings per share (EPS) of $2.09, up from $2.00 from the prior year, while revenue rose to $6.65 billion from $6.63B. That was ahead of anlayst expectations for EPS of $1.99 on revenue of $6.52B.

Adjusted gross margin rose to 47.5% during the period from 46.8% a year earlier.

Looking ahead to fiscal Q3, the company projected fiscal second-quarter adjusted EPS in the range of $1.83 to $2.19 per share on sales of approximately $6.65B, plus or minus $400M. That compared to Wall Street estimates for adjusted earnings of $1.98 per share on $6.59B in revenue.

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