On Thursday, after the closing bell, Applied Materials, Inc. (NASDAQ:$AMAT) reported a better-than-expected quarterly profit, driven primarily by strong growth in its semiconductor business. As a result, you’re going to want to listen up if you’re interested in the semiconductor industry.
In extended trading on Thursday, Applied Materials shares increased 4.2% to $44.95 a share.
Here’s What You Need to Know about Applied Materials:
- Revenue from the semiconductor company increased 41.8% to $2.53 billion. This matches analysts’ estimates, according to FactSet.
- Net income grew to $925 million (85 cents per share) in Q3 ended July 30 from $505 million (46 cents per share) in 2016.
- Not including certain items, the company earned 86 cents per share.
- Total net sales increased 32.7% to $3.74 billion.
Why did Applied Materials do as well as it did? Well, it seems the company has been benefiting from higher demand for 3D NAND memory chips from smartphone makers as well as the shift to organic light-emitting diode technology for displays.
Featured Image: depositphotos/solarseven
