AMAT Beats By a Penny in Q3 But Misses On Top Line

Applied Materials posted third quarter earnings of 28 cents a share on revenue of $2.27 billion. Wall Street analysts were looking for 27 cents a share on sales of $2.29 billion. Last year, the semiconductor equipment supplier earned 18 cents a share on $1.98 billion in revenue. Drilling down a bit further, AMAT’s Silicon Systems Group orders were $1.57 billion, down 6%, with decreases in DRAM and foundry. Display orders of $296 million were down 13% but remained at high levels reflecting continued demand for TV production capacity. Applied`s backlog grew 9% sequentially to $2.97 billion. TheStreet's Gregg Greenberg has details from New York.