What's Going On With Applied Materials Shares Rising Today

Applied Materials, Inc. AMAT shares are trading higher by 2.70% to $79.34 Thursday afternoon. Shares of semiconductor and chip companies are trading higher in sympathy with Lam Research, which reported better-than-expected first-quarter results.

See Also: What's Going On With WD-40 Company Shares Falling Today

What Happened?

Lam Research reported quarterly earnings of $10.42 per share, which beat the analyst consensus estimate of $9.55. The company also reported quarterly sales of $5.07 billion, which beat the analyst consensus estimate of $4.88 billion by 4%. 

This sales figure represents an 18% increase over sales of $4.30 billion in the same period last year.

Lam Research sees second-quarter adjusted EPS as low as $9.25 or as high as $10.75, versus the analyst consensus estimate of $9.47.

Lam Research sees second-quarter sales as low as $4.8 billion or as high as $5.4 billion, versus the analyst consensus estimate of $4.91 billion.

See Also: Why Verizon Shares Are Shooting Higher Following AT&T Earnings Results

What Else?

"Lam exceeded $5 billion in revenue in the September quarter, an all-time record. Solid execution combined with easing supply chain conditions produced strong overall performance," said Tim Archer, Lam Research's President and Chief Executive Officer.

"While we expect weaker wafer fabrication equipment spending in 2023, our technology leadership and demonstrated track record of managing through downturns provide us a strong foundation to capture the exciting opportunities ahead for the semiconductor industry," Archer stated.

According to data from Benzinga Pro, AMAT has a 52-week high of $167.06 and a 52-week low of $71.12.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: MoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!