Shares of Applied Materials, Inc. (AMAT) - Get Report  rose in after-hours trading Thursday after the company beat estimates for its latest financial quarter. 

Applied Materials reported quarterly earnings of 80 cents per share on sales of $3.75 billion. The company had been expected to report earnings of 76 cents a share, on sales of $3.7 billion, based on a FactSet survey of 20 analysts.

In the same period a year ago the company posted earnings of 97 cents a share on sales of $4 billion.

The stock rose $2.28, or 4%, to $59.24 in after-hours trading.

The company forecast net sales between $3.95 billion and $4.25 billion for the upcoming quarter. $4.10 billion, plus or minus $150 million. Non-GAAP adjusted diluted earnings per share are projected between 87 cents and 95 cents.

Analysts had been forecasting revenue of $3.7 billion and EPS of 74 cents for the upcoming quarter, according to FactSet data.

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