Applied Materials stock rises on earnings, outlook beat

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Applied Materials Inc. shares ticked higher in the extended session Thursday after the chip-maker supplier’s results and outlook topped Wall Street estimates. Applied Materials shares rose 1.8% after hours, following a 2.2% decline in the regular session to close at $65.07. The company reported fiscal third-quarter net income of $841 million, or 91 cents a share, compared with $571 million, or 61 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation and other items, were $1.06 a share, compared with 74 cents a share in the year-ago period. Revenue rose to $4.4 billion from $3.56 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 95 cents a share on revenue of $4.19 billion. Applied Materials expects adjusted earnings of $1.11 to $1.23 a share on revenue of $4.4 billion to $4.8 billion for the fourth quarter, while analysts had forecast earnings of $1.03 a share on revenue of $4.36 billion.
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