Applied Materials Beats Estimates (AMAT)

Applied Materials AMAT released their quarterly earnings after the bell this afternoon. The company reported net income of $264 million, or $0.20 per share versus a loss of $255.39 million, or $0.19 per share in the year ago period. On a non-GAAP basis, which is comparable to consensus estimates, net income was $292.18 million, or $0.22 per share, compared to a loss of $163.85 million or $0.12 per share in last year's corresponding quarter. Wall Street analysts had anticipated that AMAT would report EPS of $0.21. Net sales came in at $2.30 billion versus $1.02 billion in the year ago quarter. Analysts had anticipated AMAT would report revenues of $2.24 billion.