Applied Materials, Palo Alto tumble as their earnings projections disappoint
Both companies reported earnings that beat expectations for last quarter, but guidance falls short
Applied Materials (AMAT) and Palo Alto Networks (PANW) both fell in after-hours trading in New York on Thursday despite beating expectations for revenue and profit as their guidance for current-quarter earnings disappointed investors.
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Sales at Applied will be about $7.1 billion in its fiscal second quarter, the company said, compared with analysts’ consensus for $7.22 billion, according to Bloomberg News. Projected profit of $2.30 a share matched expectations. The biggest U.S. producer of chip-making equipment also recorded a tax expense of $644 million in Singapore.
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Palo Alto, a cybersecurity company, said profit in its fiscal third quarter will be 76 to 77 cents a share, compared with market consensus for 80 cents.