Investing.com - Applied Materials (NASDAQ:AMAT) on Thursday reported third-quarter earnings that beat analysts' expectations despite a challenging backdrop for chip stocks amid the ongoing U.S.-China trade war.
The firm reported earnings per share of $0.74 on revenue of $3.56 billion. Analysts polled by Investing.com anticipated earnings per share of $0.70 on revenue of $3.52 billion. That compared to earnings per share of $1.20 on revenue of $4.47 billion in the same period a year earlier. The company had reported earnings per share of $0.70 on revenue of $3.54 billion in the previous quarter.
The beat on both the top and bottom lines comes as the company acknowledged that the underlying sentiment in the semiconductor remained challenging.
“Applied Materials (NASDAQ:AMAT) is delivering solid financial performance in a market environment that remains challenging for the time being,” said Gary Dickerson, president and CEO. “We are excited about the company’s future opportunities and are fully funding our R&D programs to develop new products and capabilities that will accelerate customers’ roadmaps and underpin our growth in the years ahead.”
Applied Materials (NASDAQ:AMAT) rose more than 3% in after-hours trading.
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