Applied Materials (AMAT) Stock Gains 3% on Q1 Results, Q2 Guidance Below Street at the Midpoint

Applied Materials (NASDAQ: AMAT) shares were trading around 3% higher after-hours following the company’s reported Q1 results, with EPS coming in at $1.89, above the consensus estimate of $1.86.

Revenue grew 21% year-over-year to $6.27 billion, compared to the consensus estimate of $6.17 billion. According to Gary Dickerson, the President and CEO of Applied Materials, the company recorded its highest-ever quarterly revenues, despite the supply environment remaining challenging.

The company expects Q2/22 EPS in the range of $1.75-$2.05, compared to the consensus estimate of $1.94.

The company expects Q2/22 revenue of $6.35 billion, plus or minus $300 million, compared to the consensus estimate of $6.38 billion, which, according to Reuters, is signaling that supply chain woes will hurt the company’s ability to make the equipment that enables semiconductor production.

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