(By Salman - iStockAnalyst Writer)

Late on Tuesday, Applied  Materials (NASDAQ: AMAT) announced that it swung to fiscal first-quarter net loss of $133 million, or 10 cents a share, compared with a net profit of $262 million, or 19 cents a share, in the prior year quarter. On an adjusted basis, the company posted a breakeven profit. Revenue decreased to $1.3 billion from $2.1 billion. Analysts on an average had expected the semiconductor equipment maker to report flat earnings on revenue of $1.35 billion. President and CEO Mike Splinter said in a statement "We acted early and decisively to reduce costs in line with economic conditions that have resulted in an unprecedented decline in demand." He added "With our leading technology and strong balance sheet, Applied is positioned to weather this recession and invest in new products and services." Shares of Applied Materials fell 3.51% in extended trading.

Cerner Corp (NASDAQ: CERN) reported that its fourth quarter net earning jumped 73% to $71.5 million, or 86 cents a share from $41.3 million, or 49 cents a share in the same quarter, a year ago. On an adjusted basis, the company earned 65 cents a share. Revenue grew 18% to $465.7 million from $394.5 million. Analysts on average were looking for 62 cents a share, excluding items, on revenue of $444.7 million. Chief Executive Neal Patterson said in a statement "While the financial crisis may continue to have some impact on healthcare, we are cautiously optimistic that we will continue to generate solid results." Cerner Corp rose 4.90% in late trading.

Computer Sciences Corp. (NYSE: CSC) said that its fiscal third-quarter net income decreased to $160.6 million, or $1.06 a share from $179 million, or $1.05 a share in the comparable quarter, a year ago. Revenue declined to $3.95 billion from $4.16 billion. Analysts' estimates were for earnings of 98 cents a share on revenue of $4.1 billion. Looking ahead, the company said it expects to earn $6.30 a share on revenue of $16.8 billion. Analysts currently expect the company to report earnings of $6 a share on revenue of $17.2 billion.

Glu Mobile Inc. (NASDAQ: GLUU) reported a wider net loss of $37.8 million, or $1.28 a share, compared to a loss of $912,000, or 3 cents a share in prior year period. On an adjusted basis, the company would have reported a loss of $4.3 million, or 14 cents a share. Revenue increased 19% to $21.58 million. Analysts on average had forecast a loss of 28 cents a share on revenue of $21.45 million. Chief Executive Officer Greg Ballard commented "2008 was a challenging year for Glu and the industry. We have spent the last several months focused on setting a solid foundation for executing our business plan in 2009.