Applied Materials, a leading supplier of semiconductor manufacturing equipment, saw its stock plunge 5.07% in after-hours trading on Thursday, despite reporting better-than-expected fiscal first-quarter earnings and revenue.
The company reported earnings of $2.38 per share, surpassing analysts' expectations of $2.28 per share. Revenue for the quarter was $7.17 billion, also beating Wall Street forecasts of $7.15 billion. However, the company's forward guidance for the second quarter raised concerns among investors.
For the current quarter ending in April, Applied Materials projected earnings between $2.12 and $2.48 per share, and revenue in the range of $6.7 billion to $7.5 billion. This outlook, with the midpoint of $7.1 billion in revenue, fell short of analysts' consensus estimate of $7.21 billion for the second quarter.
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