Company news: Applied Materials (AMAT) quarterly results top analysts’ estimates

Applied Materials (AMAT) reported Q3 FY2024 earnings of $2.12 per share (versus $1.90 per share in Q3 FY2023), beating analysts’ consensus estimate of $2.03 per share.

The company’s quarterly revenues amounted to $6.778 bln (+5.5% y/y), beating analysts’ consensus estimate of $6.677 bln.

The company also issued in-line guidance for Q4 FY2024, seeing EPS of $2.00-2.36 versus analysts’ consensus estimate of $2.14 and revenues of $6.53-7.33 bln versus analysts’ consensus estimate of $6.92 bln.

Applied Materials noted that the race for AI leadership is fuelling demand for its unique and connected portfolio of products and services, positioning it to outperform its markets over the longer term.

AMAT fell to $204.75 (-3.34%) in pre-market trading.