Applied Materials Shares Up 3% Following Q3 Beat, Provides Outlook

Applied Materials (NASDAQ: AMAT) shares rose around 3% after-hours following the company’s reported Q3 results, with EPS of $1.94 coming in better than the consensus estimate of $1.78. Revenue grew 5% year-over-year to $6.52 billion, compared to the consensus estimate of $6.27 billion.

“Applied Materials delivered record quarterly revenue, yet ongoing supply chain challenges constrained our ability to meet demand, and our top priority remains increasing shipments to our customers,” said Gary Dickerson, President and CEO of Applied Materials.

Management said it feels confident in the company’s ability to navigate macroeconomic headwinds and remains very positive about the long-term strength of the semiconductor market and the company’s outsized growth opportunities.

The company provided its Q4/22 guidance, expecting EPS in the range of $1.82-$2.18, compared to the consensus of $1.94, and revenue in the range of $6.65 billion, compared to the consensus of $6.57 billion.

By Davit Kirakosyan

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