Applied Materials, Baidu: After-Hours Trading (Update 1)

Updated from 4:49 p.m. ET to include latest share prices, additional information on Baidu, Qlik Technologies.

NEW YORK ( TheStreet) -- Shares of Applied Materials ( AMAT) rose in late trades on Thursday after the maker of semiconductor capital equipment handily beat Wall Street earnings expectations in its latest quarter and gave an above-consensus outlook.

The Santa Clara, Calif.-based company attributed the strong results to chip maker investments driven by heavy demand for mobile devices.

For its fiscal first quarter ended in January, Applied Materials reported non-GAAP earnings of $240 million, or 18 cents a share, on sales of $2.19 billion, above the average estimate of analysts polled by Thomson Reuters for a profit of 12 cents a share on revenue of $1.97 billion.

The stock was last quoted at $13.98, up 5.8%, on volume of nearly 600,000, according to Nasdaq.com. Based on Thursday's regular-session close at $13.21, the shares are down more than 20% in the past year, although they have bounced 36% since scraping a 52-week low of $9.70 on Oct. 4.

"Global demand for mobile devices is driving a third consecutive year of strong capital investment by semiconductor customers," said Mike Splinter, the company's chairman and CEO, in a statement. "As a result, we see solid order momentum and an improved outlook overall for our second quarter."

Applied Materials forecast non-GAAP earnings of 20 to 28 cents a share in its fiscal second quarter ending in April with net revenue expected to increase between 5% and 15% on a sequential basis. Wall Street's current consensus view is for a profit of 15 cents a share.

The majority of the sell side was skeptical about Applied Materials ahead of the numbers with 14 of the 23 analysts covering the stock at either hold (12) or underperform (2), and the median 12-month price target sitting at $13.25.

Check out TheStreet's quote page for Applied Materials for year-to-date share performance, analyst ratings, earnings estimates and much more.

SunPower

SunPower ( SPWR) was also a bright spot in the extended session after reporting a surprise profit in its fiscal fourth quarter.

The San Jose, Calif.-based solar products company posted non-GAAP operating income of $6.8 million, or 16 cents a share, in the December-ended quarter, beating the average estimate of analysts polled by Thomson Reuters for a loss of 5 cents a share.

The stock was last quoted at $8.51, up 13.8%, on volume of nearly 60,000, according to Nasdaq.com.

For the first quarter, SunPower said it sees a non-GAAP loss of 5 to 20 cents a share on revenue ranging from $500 million to $575 million.

Check out TheStreet's quote page for SunPower for year-to-date share performance, analyst ratings, earnings estimates and much more.

Baidu ( BIDU) shares were heavily traded in the extended session as well, rising 1% to $143.25 on volume of 2.4 million, after the China-based Internet search provider topped Wall Street's earnings expectations.

True to its history, the stock was volatile in late trades, swinging between a high of $148.50 and a low of $136.04. Investors were likely balancing the fourth-quarter beat against Baidu's forecast for first-quarter revenue of between $666.5 million to $688 million, a sequential decline from its fourth-quarter total of $710.9 million.

Also active in after the bell was VCA Antech ( WOOF), whose stock lost more than 6% to $21.58 on volume of more than 125,000, after the veterinary hospital operator reported a fiscal fourth-quarter adjusted profit of $18.1 million, or 21 cents a share, falling short of the consensus view for earnings of 25 cents a share in the quarter; and Qlik Technologies ( QLIK), whose shares tumbled 7.4% to $29 on volume of less than 200,000 after the Radnor, Pa.-based business data analysis software company gave a disappointing outlook for the current quarter, forecasting a non-GAAP loss of 6 to 8 cents a share on revenue of $76 million to $78 million, below the average analysts' estimate for earnings of 2 cents a share on revenue of $80.3 million.

-- Written by Michael Baron in New York.

>To contact the writer of this article, click here: Michael Baron.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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