Following fiscal third-quarter results that exceeded analyst predictions, Applied Materials (NASDAQ:AMAT) reported impressive earnings guidance, benefiting from the ongoing corporate competition to embrace the digital and AI era. This trend has stimulated chip demand and contributed to the company’s growth. Shares gained more than 2% intra-day today.

The company posted adjusted earnings per share (EPS) of $1.90 and revenue of $6.43 billion. This outperformed the Street forecasts that anticipated an EPS of $1.74 on revenue amounting to $6.15 billion. The company’s largest business segment, Semiconductor systems, experienced a slight decrease of 1.2%, generating $4.68 billion in revenue.

Applied Materials provided guidance for the fourth quarter, indicating an adjusted EPS within the range of $1.82 to $2.18. The company also projected net sales of approximately $6.51 billion, with a margin of error of around $400 million. Street estimates stood at $1.59 for EPS and $5.87 billion for net sales.

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