By Maria Armental

Applied Materials Inc. (AMAT) gave a downbeat forecast for the current quarter, citing market challenges that hit the company in the second half of the year.

Overall, fourth-quarter profit at the semiconductor-equipment supplier fell 11% to $876 million, or 89 cents a share. On an adjusted basis, profit rose to 97 cents a share from 93 cents a share a year earlier.

Net sales rose 1% to $4.01 billion.

The company had projected 92 cents a share to $1 a share in adjusted profit and $3.85 billion to $4.15 billion in revenue for the fourth quarter.

For the first quarter, the company projects adjusted profit of 75 cents to 83 cents a share, and $3.56 billion to $3.86 billion in revenue, compared with analysts' projected 92 cents a share on $3.94 billion in revenue.

"While near-term market headwinds remain, overall industry spending remains robust," Chief Executive Gary Dickerson said in a statement.

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

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

(END) Dow Jones Newswires

November 15, 2018 16:33 ET (21:33 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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