SANTA CLARA, Calif. (AP) _ Applied Materials Inc. (AMAT) on Wednesday reported fiscal first-quarter profit of $892 million.
The Santa Clara, California-based company said it had net income of 96 cents per share. Earnings, adjusted for non-recurring costs, were 98 cents per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 92 cents per share.
The maker of chipmaking equipment posted revenue of $4.16 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $4.12 billion.
For the current quarter ending in May, Applied Materials expects its per-share earnings to range from 98 cents to $1.10.
The company said it expects revenue in the range of $4.14 billion to $4.54 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $4.19 billion.
Applied Materials shares have risen almost 7% since the beginning of the year, while the Standard & Poor's 500 index has increased roughly 5%. In the final minutes of trading on Wednesday, shares hit $65.28, a climb of 60% in the last 12 months.