Applied Materials Withdraws Second Quarter of Fiscal 2020 Business Outlook
March 23 2020 - 4:17PM
Applied Materials, Inc. is withdrawing its business outlook for the
second quarter of fiscal 2020, ending on April 26, 2020, because
the evolving worldwide response to COVID-19 is impacting the
company’s supply chain and manufacturing operations.
Specifically, while the company’s global operations network is
designed to provide significant flexibility and redundancy, various
governmental orders in the U.S. and other countries as well as
reductions in airline schedules around the world are resulting in
major disruptions to the supply chain and logistics operations that
support our industry. The situation is fluid, and we will provide
more information during our next earnings webcast.
Applied is navigating these challenges with strong customer
relationships and from a position of financial strength and
technology leadership. We are maintaining our focus on enabling the
powerful, long-term trends that we expect to drive future growth in
the electronics industry. We remain committed to the proposed
acquisition of Kokusai Electric and are working to close the
transaction, subject to regulatory approval.
As we manage our business during this dynamic situation, our
first priority is the health and safety of our employees and their
families, as well as those of our customers, suppliers, partners
and the communities where we operate. We are actively managing the
situation in close collaboration with our customers and suppliers
and are supporting them to the best of our ability. In addition,
Applied Materials is demonstrating the strength of our values
through this COVID-19 crisis and responding with humanitarian aid
in the most impacted communities where our employees and their
families live.
Forward-Looking StatementsThis press release
contains forward-looking statements, including those regarding our
business outlook for the second quarter of fiscal 2020 and beyond,
the potential impacts of COVID-19, future prospects for the
business and the industry, the proposed acquisition of Kokusai
Electric Corporation, and other statements that are not historical
facts. These statements and their underlying assumptions are
subject to risks and uncertainties and are not guarantees of future
performance. Factors that could cause actual results to differ
materially from those expressed or implied by such statements
include, without limitation: the level of demand for our products;
uncertain global economic and industry conditions; the course of
the COVID-19 pandemic and its impacts; the volatility and
uncertainty in the global markets; global trade issues and changes
in trade policies; consumer demand for electronic products; the
demand for semiconductors; customers’ technology and capacity
requirements; the introduction of new and innovative technologies,
and the timing of technology transitions; our ability to develop,
deliver and support new products and technologies; the concentrated
nature of our customer base; changes in income tax laws; our
ability to expand our current markets, increase market share and
develop new markets; market acceptance of existing and newly
developed products; our ability to obtain and protect intellectual
property rights in key technologies; our ability to achieve the
objectives of operational and strategic initiatives, align our
resources and cost structure with business conditions, and attract,
motivate and retain key employees; the variability of operating
expenses and results among products and segments, and our ability
to accurately forecast future results, market conditions, customer
requirements and business needs; and other risks and uncertainties
described in our SEC filings, including our most recent Forms 10-Q
and 8-K. All forward-looking statements are based on management’s
current estimates, projections and assumptions, and we assume no
obligation to update them.
About Applied MaterialsApplied Materials, Inc.
(Nasdaq: AMAT) is the leader in materials engineering solutions
used to produce virtually every new chip and advanced display in
the world. Our expertise in modifying materials at atomic levels
and on an industrial scale enables customers to transform
possibilities into reality. At Applied Materials, our innovations
make possible the technology shaping the future. Learn more at
www.appliedmaterials.com.
Contact:Ricky Gradwohl (editorial/media)
408.235.4676Michael Sullivan (financial community) 408.986.7977
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