Earnings live updates: Applied Materials stock falls after solid earnings fail to impress
Applied Materials (AMAT) stock declined almost 3% after-hours as the chip equipment maker reported record revenue of $9.12 billion, surpassing analyst expectations. Earnings per share grew 43% year-over-year to $3.17 in the fiscal third quarter. The company anticipates fourth-quarter revenue between $10.25 billion and $10.75 billion.
Analysts project continued robust revenue growth for the second half of the year, particularly in DRAM, leading-edge foundry-logic, and advanced packaging. AMAT is also investing in additional manufacturing capacity to meet anticipated demand through the end of the decade. Meanwhile, Cerebras Systems (CBRS) raised revenue and gross margin forecasts for the year but saw its stock drop nearly 18% after trading.
The AI-focused chip designer anticipates strong demand for inference capabilities as it competes with Nvidia in the AI processor market. Cisco (CSCO) shares slipped 2% in after-hours trading despite reporting better-than-expected fiscal fourth-quarter results driven by record high demand for AI infrastructure. Cisco projects 2027 sales of $72.2 billion-$73.4 billion and EPS of $5.05-$5.11.
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