Applied Materials (AMAT) Earnings: Q2 profit, sales top expectations

Semiconductor equipment maker Applied Materials, Inc. (NASDAQ: AMAT) reported second-quarter 2021 earnings and sales that grew in double-digits, reflecting the stable demand conditions. The numbers also exceeded experts’ predictions.

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

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.