(Source: Associated Press/AP Online)
SANTA CLARA, Calif. - Applied Materials Inc., which makes equipment used to produce semiconductors, said Tuesday it slid to a fiscal third-quarter loss, reversing a year-ago profit, as revenue plunged 39 percent. But the results still beat Wall Street expectations, sending shares up 3 percent in after-hours trading.
The loss for the quarter ended July 26 totaled $54.9 million, or 4 cents per share. In the 2008 period, the company posted profit of $164.8 million, or 12 cents per share. Excluding one-time items, Applied Materials reported a loss of $2 million, and broke even on per-share basis.
Revenue fell to $1.13 billion from $1.85 billion, as fewer computer purchases reduced demand for chips, and thus chipmaking equipment. But the company also substantially trimmed research and development costs, administrative expenses and marketing spending.
The results topped the estimates of analysts polled by Thomson Reuters, who expected an adjusted loss of 8 cents per share on revenue of $958 million, on average.
Shares shed 25 cents to close earlier at $13.22, but jumped 33 cents, or nearly 3 percent, to $13.55 in aftermarket trading after the earnings were announced.
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