SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Applied Materials Inc. (AMAT) on Thursday reported fiscal fourth-quarter earnings of $2 billion.
The Santa Clara, California-based company said it had profit of $2.38 per share. Earnings, adjusted for one-time gains and costs, were $2.12 per share.
The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.98 per share.
The maker of chipmaking equipment posted revenue of $6.72 billion in the period, also beating Street forecasts. Ten analysts surveyed by Zacks expected $6.52 billion.
For the year, the company reported profit of $6.86 billion, or $8.11 per share. Revenue was reported as $26.52 billion.
For the current quarter ending in January, Applied Materials expects its per-share earnings to range from $1.72 to $2.08.
The company said it expects revenue in the range of $6.07 billion to $6.87 billion for the fiscal first quarter.
Applied Materials shares have risen 59% since the beginning of the year, while the S&P's 500 index has increased 17%. In the final minutes of trading on Thursday, shares hit $154.81, a rise of 49% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMAT at https://www.zacks.com/ap/AMAT