Applied Materials reported second-quarter revenue of $7.91 billion, beating analyst estimates of $7.65 billion. The chip equipment manufacturer reported adjusted earnings of $2.86 per share for the quarter, beating analyst estimates of $2.66 per share, according to Benzinga Pro.

"The rapid global build-out of AI computing infrastructure, combined with Applied's strong leadership positions in leading-edge logic, DRAM and advanced packaging, provides an exceptionally strong foundation for sustained, multi-year revenue and profit growth," said Gary Dickerson, president and CEO of Applied Materials.

Applied Materials expects third-quarter revenue of $8.95 billion, plus or minus $500 million, versus estimates of $8.09 billion. The company expects third-quarter adjusted earnings of $3.16 to $3.56 per share, versus estimates of $2.88 per share.

Applied Materials shares fell 1.7% to $432.96 in pre-market trading.

These analysts made changes to their price targets on Applied Materials following earnings announcement.

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