Applied Materials Shares Down 4% on Q2 Earnings Miss and Weaker-than-Expected Outlook
2022.05.20 00:01
© Pavlo Gonchar / SOPA Images/Sipa via Reuters Connect Applied Materials Shares Down 4% on Q2 Earnings Miss and Weaker-than-Expected Outlook
By Davit Kirakosyan
Applied Materials (NASDAQ:AMAT) shares were trading around 4% lower after-hours after the company reported Q2 results, with EPS of $1.85 coming in worse than the consensus estimate of $1.90. Revenue grew 12% year-over-year to $6.25 billion, compared to the consensus estimate of $6.37 billion.
“Demand for Applied Materials’ products and services has never been stronger, yet we remain constrained by on-going supply chain issues,” said Gary Dickerson, President and CEO. “Our priority is to work quickly and creatively across the supply chain to bring more industry capacity on-line, while accelerating the technology inflections that we believe will enable Applied to outgrow the semiconductor market in the years ahead.”
The company provided its Q3/22 outlook, expecting EPS in the range of $1.59-$1.95, compared to the consensus of $2.04, and revenue of $6.25 billion, compared to the consensus of $6.73 billion.
Shares of Applied Materials were down 30% year-to-date into the results.
