Investing.com - Applied Materials (NASDAQ:AMAT) reported on Thursday fourth quarter earnings that missed analysts' forecasts and revenue that fell short of expectations.
Applied Materials announced earnings per share of $1.94 on revenue of $6.12 billion. Analysts polled by Investing.com anticipated EPS of $1.96 on revenue of $6.38 billion.
Applied Materials shares are up 83% from the beginning of the year, still down 0.19% from its 52 week high of $159.00 set on November 16. They are outperforming the Nasdaq 100 which is up 27.89% from the start of the year.
Applied Materials shares lost 6.68% in after-hours trading following the report.
The company's President and CEO, Gary Dickerson, put the revenue and earnings miss, like many companies, down to supply chain issues, explaining that it is unable to keep up with demand.
“Demand for semiconductors and equipment continues to grow as the pandemic accelerates digital transformation of the economy, and currently, our supply chain cannot keep up,” said Dickerson.
“We expect supply shortages of certain silicon components to persist in the near-term, and managing these constraints in partnership with our suppliers and chipmakers is our top priority.”
In its outlook, the company took into account the supply chain issues it is currently experiencing, forecasting, in the first quarter of fiscal 2022, net sales to be approximately $6.16 billion, plus or minus $250 million. In addition, adjusted earnings are expected to be between $1.78 to $1.92.