SANTA CLARA, Calif. (AP) _ Applied Materials Inc. (AMAT) on Thursday reported fiscal second-quarter net income of $755 million.
On a per-share basis, the Santa Clara, California-based company said it had profit of 82 cents. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were 89 cents per share.
The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 91 cents per share.
The maker of chipmaking equipment posted revenue of $3.96 billion in the period, which also missed Street forecasts. Five analysts surveyed by Zacks expected $4.2 billion.
Applied Materials shares have decreased 11% since the beginning of the year, while the Standard & Poor's 500 index has fallen 12%. In the final minutes of trading on Thursday, shares hit $54.33, a climb of 36% in the last 12 months.