Applied Materials, Inc. (NASDAQ: AMAT) this week reported higher earnings and revenues for the fourth quarter of 2021. The top line, however, missed estimates. The semiconductor technology company’s stock traded lower on Friday morning, after closing the previous session higher.
Fourth-quarter net income, on an adjusted basis, increased to $1.94 per share from $1.25 per share in the prior-year period. Unadjusted profit was $1.71 billion or $1.89 per share, higher than $1.13 billion or $1.23 per share recorded in the fourth quarter of 2020.
The bottom-line growth reflects a 31% increase in net sales to $6.12 billion, which is below the consensus forecast. For the first quarter of 2022, the company expects net sales to be around $6.16 billion, plus or minus $250 million. Adjusted earnings are expected to be between $1.78 per share and $1.92 per share.
“Demand for semiconductors and equipment continues to grow as the pandemic accelerates the digital transformation of the economy, and currently, our supply chain cannot keep up. We expect supply shortages of certain silicon components to persist in the near term, and managing these constraints in partnership with our suppliers and chipmakers is our top priority,” said Gary Dickerson, CEO of Applied Materials.
Shares of Applied Materials gained about 66% since the beginning of the year. The stock, which reached a record high this week, traded lower on Friday morning.
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