Applied Materials Cuts 4Q Sales, Profit Guidance Due to Export Restrictions
October 12 2022 - 4:46PM
Dow Jones News
By Will Feuer
Applied Materials Inc. cut its current-quarter sales and
earnings guidance, saying that new export regulations for U.S.
semiconductor technology sold in China will weigh on results.
The new regulations are expected to reduce the company's fiscal
fourth-quarter sales by $400 million, plus or minus $150 million,
the company said. Applied Materials expects a similar impact to
quarterly sales in the fiscal first quarter, the company said.
The company said it now expects fiscal fourth-quarter sales to
be about $6.4 billion, plus or minus $250 million. In August, the
company guided for quarterly sales of $6.65 billion, plus or minus
$400 million.
Adjusted earnings for the current quarter are expected to be in
the range of $1.54 a share to $1.78 a share. The company had
previously guided for adjusted earnings of $1.82 a share to $2.18 a
share. The earnings guidance revision includes an estimated hit of
23 cents a share, mostly for inventory and remanufacturing charges
related to the new export regulations, Applied Materials said.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
October 12, 2022 16:31 ET (20:31 GMT)
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