Applied Materials' 2Q Results Miss Wall Street Projections Amid Pandemic -- Earnings Review

By Maria Armental

Applied Materials Inc., a manufacturer of the equipment used to make computer chips, reported second-quarter results on Thursday, showing the early impact of the coronavirus pandemic on its operations. Here's what you need to know.

PROFIT: Net income rose to $755 million, or 82 cents a share, from $666 million, or 70 cents a share. On an adjusted basis, the profit was 89 cents a share. Analysts surveyed by FactSet expected 91 cents a share in profit, or 93 cents as adjusted.

REVENUE: Net sales rose to $3.96 billion from $3.54 billion a year earlier. Analysts expected about $4.09 billion.

PANDEMIC: "While the situation remains fluid, based on the visibility we have today, our supply chain is recovering, and underlying demand for our semiconductor equipment and services remains robust," Chief Executive Gary Dickerson said in a statement.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

May 14, 2020 16:37 ET (20:37 GMT)

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