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Applied Materials (NASDAQ:AMAT) shares popped 12.5% in extended-hours trading on Thursday after the semiconductor equipment maker reported quarterly results and guidance that topped expectations.
For the period ending Jan. 28, Applied Materials earned $2.13 per share on $6.71B in revenue, as the company continues to reap the benefits of a surge in investment in artificial intelligence.
“Our leadership positions at key semiconductor inflections support continued outperformance as customers ramp next-generation chip technologies critical to AI and IoT over the next several years,” said Gary Dickerson, President and CEO, in a statement.
Analysts expected the company to earn $1.91 per share on revenues of $6.49B.
Looking ahead, Applied Materials expects to earn between $1.79 and $2.15 per share on an adjusted basis, with revenue between $6.1B and $6.9B. Analysts were expecting earnings of $1.80 per share and $6.34B in sales.
Following the results, competitors such as Lam Research (LRCX), KLA Corp. (KLAC) and ASML (ASML) were higher in after-hours trading.
Applied Materials will hold a conference call at 4:30 p.m. EST to discuss the results.
