Applied Materials (AMAT) tops Q3 2020 targets; provides Q4 outlook

Applied Materials’ (NASDAQ: AMAT) earnings and revenue for the third quarter exceeded the market’s views. Adjusted EPS of $1.06 and revenue of $4.40 billion in Q3, grew 43% and 23%, respectively and beat the consensus targets. AMAT stock rose about 1% in the after-market hours.

On a GAAP basis, earnings grew 49% to $0.91 per share. The company returned $402 million to shareholders including $200 million in share repurchases and dividends of $202 million.

The Santa Clara, California-based semiconductor firm expects sales in the fourth quarter of 2020 to be approximately $4.60 billion, plus or minus $200 million. Non-GAAP EPS is expected to be in the range of $1.11 to $1.23.

AMAT stock had advanced 7% since the beginning of this year and 35% in the last 12 months.

Looking forward to read what management and analysts discuss on quarterly results? Stay tuned here for Applied Materials Q3 2020 earnings call transcript