SANTA CLARA, Calif. (AP) _ Applied Materials Inc. (AMAT) on Wednesday reported fiscal first-quarter net income of $703 million.
The Santa Clara, California-based company said it had profit of 65 cents per share. Earnings, adjusted for one-time gains and costs, were 67 cents per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 66 cents per share.
The maker of chipmaking equipment posted revenue of $3.28 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $3.26 billion.
For the current quarter ending in May, Applied Materials expects its per-share earnings to range from 72 cents to 80 cents.
The company said it expects revenue in the range of $3.45 billion to $3.6 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $3.24 billion.
Applied Materials shares have increased 10 percent since the beginning of the year, while the Standard & Poor's 500 index has risen nearly 5 percent. In the final minutes of trading on Wednesday, shares hit $35.54, more than doubling in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMAT at https://www.zacks.com/ap/AMAT
Keywords: Applied Materials, Earnings Report