Applied Materials Earnings Fall but Top Forecasts

Applied Materials reported quarterly earnings and revenue that were down sharply from a year ago but still topped expectations. The chip-equipment maker's outlook was in-line with forecasts.

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Fiscal first-quarter earnings excluding items fell to 6 cents a share from 18 cents a share in the year-earlier period.

Net income fell to $34 million, or 3 cents per share, from $117 million, or 9 cents per share, a year earlier.

Revenue decreased 28 percent to $1.57 billion from $2.19 billion a year ago, hurt by fewer orders.

Analysts had expected earnings of 3 cents a share on revenue of $1.55 billion, according to a consensus estimate from Thomson Reuters.

For the fiscal second quarter, Applied Materials expects earnings ex-items to be between 9 cents a share and 15 cents a share. Analysts currently expect 11 cents a share, according to Thomson Reuters.