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Applied Materials Earnings Miss in Q2 as Falling Smartphone Sales Dent Demand

Stock MarketsMay 14, 2020 04:03PM ET
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© Reuters. Applied Materials Earnings, Revenue Miss in Q2

Investing.com - Chipmaker Applied Materials (NASDAQ:AMAT) reported on Thursday second-quarter earnings and revenue that fell short of expectations as the slowdown in global smartphone shipments weighed on chip demand.

Shares rose 2% postmarket.

Applied Materials announced earnings per share of $0.89 on revenue of $3.96 billion. Analysts polled by Investing.com anticipated EPS of $0.94 on revenue of $4.12 billion. That compared with an EPS of $0.70 on revenue of $3.54 billion in the same period a year before. Applied Materials had reported EPS of $0.98 on revenue of $4.16 billion in the previous quarter.

Analysts are expecting EPS of $0.94 and revenue of $4.13 billion in the upcoming quarter.

The miss on the bottom line comes even as gross margin inched up to 44.6% from 43.5% a year earlier.

The company said orders from foundries were 56% of all orders, DRAM was 22%, and flash memory chip tools were 22%, compared with 38%, 18% and 24% a year earleir.

Looking ahead, the company touted cautious optimism, saying its supply chain is recovering, with underlying demand for its semiconductor equipment and services remaining robust.

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar

Applied Materials Earnings Miss in Q2 as Falling Smartphone Sales Dent Demand
 

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