Investing.com – Applied Materials reported second-quarter fiscal results on Thursday that beat expectations, led by strong growth in China as the wave of artificial intelligence continues to drive chip demand.
Applied Materials Inc (NASDAQ:) fell more than 1% in the evening hours after the news.
For the three months ended April 28, adjusted diluted earnings per share (EPS) was $2.09, up from $2.00 year-over-year, while revenue rose from $6.63 billion to $6.65 billion. That exceeded analyst expectations for earnings per share of $1.99 and revenue of $6.54 billion.
Sales in China more than doubled to $2.83 billion in the second quarter from $1.41 billion in the same period a year earlier, while sales in the United States fell to $853 million from $1.11 billion a year earlier.
Adjusted gross margin increased to 47.5% during the period from 46.8% a year earlier.
Looking ahead to the third quarter, the company expects second-quarter adjusted earnings per share between $1.83 and $2.19 per share, on revenue of approximately $6.65 billion, plus or minus $400 million. That compared with Wall Street estimates for adjusted earnings of $1.97 per share on revenue of $6.59 billion.
