Applied Materials (NASDAQ: AMAT) reported its financial results for the quarter ended March 31, 2020, on Thursday after the market closes. The results missed analysts’ expectations.
The company posted a 13% jump in earnings for the second quarter of 2020 helped by higher revenue. The company is withdrawing its guidance due to the impact of the COVID-19 pandemic on its supply chain and manufacturing operations. The demand for advanced electronic products has been dominating the semiconductor industry but the COVID-19 pandemic has changed the tables around.
However, for the future, the industry continues to expect the growth of data and emerging end-market drivers that include artificial intelligence, augmented and virtual reality, the Internet of Things (IoT), and smart or autonomous vehicles, to drive the demand for advanced electronic products.
As navigating the challenges created by COVID-19, the company believes its supply chain is recovering and the underlying demand for its semiconductor equipment and services remains robust.
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