Shares of semiconductor equipment maker Applied Materials (AMAT) - Get Report rose after hours Thursday after the company reported fiscal third quarter results that topped analysts' top- and bottom-line estimates.
The Santa Clara-based company reported quarterly revenue of $4.4 billion with earnings per share of $1.06 cents per share. Analysts were expecting the company to report revenue of $4.18 billion with earnings of 95 cents per share.
"By addressing our customers’ highest value problems, Applied is outperforming today and is positioned to grow faster than our markets over the next several years," CEO Gary Dickerson said.
The stock was up 2.0% to $66.40 in after hours trading Thursday. Applied Materials shares closed the day's session down 2.15% to $65.07 per share.
For the fourth quarter, Applied expects revenue between $4.4 billion and $4.8 billion with earnings between $1.11 and $1.23 per share. Analysts were expecting revenue of $4.36 billion on earnings of $1.02 per share.
“Thanks to the hard work and agility of our employees and suppliers, Applied Materials is operating at pre-COVID levels of productivity and delivering outstanding financial results,” Dickerson said.
Applied is having a bounce-back quarter after reporting weak fiscal second quarter financials in May.
The Santa Clara-based company reported a 12% increase in revenue year over year to $3.96 billion while earnings rose 27% year over year to 89 cents per share. Analysts were expecting the company to report earnings of 95 cents per share on revenue of $4.15 billion.
"As we navigate the challenges created by COVID-19, we have rallied the company around safety, productivity and keeping our customers and the industry moving forward,” Dickerson said at the time.