Net sales of the Silicon Valley tech firm moved up 41% year-on-year to $5.58 billion in the second quarter, which was also above the consensus forecast.
Consequently, second-quarter adjusted earnings rose to $1.63 per share from $0.89 per share in the same period of last year. The market was looking for a smaller bottom-line number. Net income was $1.33 billion or $1.43 per share in the April quarter, compared to $755 million or $0.82 per share in the second quarter of 2020.
Read management’s’ comments on Applied Materials’ Q2 earnigs
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AMAT shares declined Thursday evening soon after the announcement, after ending the regular trading session higher. The value more than doubled in the past twelve months.