Applied Materials reports better-than-expected Q4 results

Investing.com--Applied Materials reported Thursday fiscal fourth-quarter results that topped Wall Street and the chipmaker delivered upbeat guidance as surging AI adoption drives demand for semiconductors and wafer fab equipment. 

Applied Materials Inc (NASDAQ:AMAT) fell more than 2% in afterhours trading following the report.

The company reported Q4 non-GAAP EPS of $2.17 on revenue of $6.8 billion, topping Wall Street estimates of $2.11 on revenue of $6.68B.

Revenue from its foundry, logic and other business,  which makes up about 65% of overall revenue, fell to $4.76B in Q1 from $5.18B a year earlier.

For its fiscal Q1, Applied guided non-GAAP EPS of $2.18 on revenue of $6.85B at the midpoint, beating consensus estimates of $2.15 and revenue of  $6.80B.