Applied Materials shares rise as fiscal Q1 revenue, EPS top expectations

Applied CEO Gary Dickerson said the global supply chain “remains challenging.”
Written by Tiernan Ray, Senior Contributing Writer

Chip equipment giant Applied Materials this afternoon reported fiscal Q1 revenue and profit that both topped Wall Street's expectations. The reported outlook for the current quarter was slightly below consensus. 

The report sent Applied shares up 2% in late trading. 

CEO Gary Dickerson remarked, "While the supply environment remains challenging, Applied Materials is doing everything we can to deliver for our customers and we recorded our highest-ever quarterly revenues." 

Added Dickerson, "Our outlook for 2022 and beyond is very positive as long-term secular trends drive our markets structurally higher and Applied's broad technology portfolio puts us in a great position to capture a larger portion of our served markets."

Revenue in the three months ended in January rose to $6.27 billion, yielding a net profit of $1.89 a share.

Analysts had been modeling $6.19 billion and $1.86 per share.

Applied's gross profit margin, on a non-GAAP basis, declined to 47.3% from 48.2% in the prior quarter.

For the current quarter, the company sees revenue of $6.05 billion to $6.65 billion, and EPS in a range of $1.75 to $2.05. That compares to consensus for $6.37 billion and $1.94 per share.

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