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Stock Alert: Applied Materials Inc. (AMAT) Shares Up 1.43% Post Q1 Results

Shares of Applied Materials Inc. (AMAT) were up slightly on Feb. 12, after the chip maker reported strong Q1 results and upbeat outlook. The stock ended Wednesday's trading session at $65.37, up 92 cents or 1.43%, close to its 52-week high of $65.68. AMAT has been trading in a range of $36.80 - $65.68 in the past one year. Trading volume rose to 11.6 million versus an average volume of 7.45 million shares.

In the pre-market session today, the stock is currently trading at $66.43, up $1.06 or 1.62%.

The company, on Feb. 12, reported Q1 GAAP net income of $892 million or $0.96 per share versus $771 million or $0.80 per share last year. Non-GAAP net income rose to $904 million or $0.98 per share from $779 million or $0.81 per share in the prior year period. Net sales rose 11% to $4.16 billion from the previous year's $3.75 billion.

Analysts polled by Thomson Reuters expected earnings of $0.93 per share for the quarter. Analysts' estimates typically exclude certain special items.

Q2 Outlook

Applied expects Q2 net sales to be about $4.34 billion, plus or minus $200 million, and non-GAAP adjusted EPS in the range of $0.98 - $1.10. Eighteen Wall Street analysts have a consensus earnings estimate of $0.92 per share and revenue of $4.05 billion for the quarter.

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