Applied Materials fiscal Q1 results top expectations, forecast well above

Applied said it is seeing an accleration of demand for chip-making equipment.

Semiconductor manufacturing equipment maker Applied Materials, the biggest maker of equipment in the world for companies such as Intel and Samsung, this afternoon reported fiscal Q1 revenue and profit that topped expectations and an outlook that was well above consenus. 

The report sent Applied shares higher in late trading

CEO Gary Dickerson remarked that the company has "seen a continued acceleration of demand in our semiconductor business as major macro and industry trends fuel increasing consumption of silicon across a wide range of markets and applications."

Added Dickerson, "We have strong momentum across the company, as our broad portfolio and exposure to technology inflections, combined with the traction of our new products, put us in a great position to substantially outgrow our markets again in 2021 and beyond."

Revenue in the three months ended in December rose to $5.16 million, yielding EPS of $1.39, excluding some costs.

Analysts had been modeling $4.98 billion and $1.28 a share.

For the current quarter, the company sees revenue of $5.37 billion to $5.41 billion, and EPS in a range of $1.44 to $1.56. That compares to consensus for $4.96 billion and $1.28 per share.