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CNBC ON DIGG

Applied Materials Profit, Sales Top Wall Street Forecasts

Published: Wednesday, 11 Nov 2009 | 4:58 PM ET

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By: CNBC.com with Wires

Applied Materials shares rose in after-hours trading after the company reported earnings and revenue that beat analysts' expectations, and said it planned to cut jobs globally.

The company also expects net sales to increase 30 percent in fiscal 2010, even as it plans to cut up to 1,500 jobs, or up to 12 percent of its global workforce, over 18 months to reduce costs.

The world's largest semiconductor equipment maker said it earned 11 cents a share excluding one-time items in its fiscal fourth quarter, down from 18 cents a share in the same period last year.

Sales came in at $1.53 billion, compared with a topline of $2.04 billion last year.

Analysts who follow Applied Materials expected the company to turn in a gain of 3 cents a share on sales of $1.32 billion.

Shares of Applied Materials [AMAT Loading... () ] rose more than 2 percent in extended trading Wednesday. Click here to get after-quotes for Applied Materials They closed at $13.25.

"Applied delivered a solid fourth quarter led by increased net sales and profitability in our semiconductor equipment business, with improved demand and financial performance in all of our segments," said Mike Splinter, CEO of Applied Materials in a prepared statement. "For the year, we invested in growth across all of our businesses, introducing new products and expanding into new markets while reducing our cost structure."

Last week, Applied Materials announced that it acquired substantially all the assets, including the intellectual property, of Advent Solar for an undisclosed cash amount.