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Applied Materials Inc. (AMAT) Is Falling On Weak Outlook

Applied Materials Inc. (AMAT) reported second quarter adjusted EPS of $1.22 after the bell Thursday, which topped the consensus estimate of $1.14. Revenues rose 28.7% to $4.57 billion from $3.55 billion last year.

The company expects to report third quarter EPS of $1.13 to $1.21 and revenues of $4.33 billion to $4.53 billion. Street expectations are for EPS of $1.16 and revenues of $4.53 billion.

Applied Materials gapped open sharply lower Friday morning and is now down 4.58 at $49.38. The stock has dropped to over a 2-week low.

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