Applied Materials pops on strong FQ1; analyst considers it 'top undiscovered AI play'
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Go back to Applied Materials pops on strong FQ1; analyst considers it 'top undiscovered AI play'
February 15, 2024 4:06 PM EST
(Reuters) -Semiconductor equipment supplier Applied Materials forecast better-than-expected second-quarter revenue on strong demand for advanced chips used in artificial intelligence and a recovery in the personal computer market, sending its shares up 12% after the bell on Thursday.
Strong spending from cloud computing service providers and the rise of AI-embedded personal computers are driving demand for more advanced chips and by extension, for chip making equipment too.
"There is a reacceleration of... More
February 15, 2024 4:04 PM EST
Applied Materials (NASDAQ: AMAT) reported Q1 EPS of $2.13, $0.23 better than the analyst estimate of $1.90. Revenue for the quarter came in at $6.71 billion versus the consensus estimate of $6.48 billion.
GUIDANCE:
Applied Materials sees Q2 2024 EPS of $1.79-$2.15, versus the consensus of $1.78.... More
