Stock Alert: Applied Materials Up 5% On Upbeat Results

Shares of Applied Materials, Inc.  (AMAT) are climbing more than 5% Friday morning and touched a new high of $69.90 after reporting upbeat third-quarter results.

Applied reported adjusted earnings of $1.06 per share, beating the average estimate of analysts polled by Thomson Reuters at $0.95 per share.

Revenue for the quarter increased 23% year-over-year to $4.395 billion.

For the fourth quarter, Applied expects net sales to be approximately $4.60 billion, plus or minus $200 million, and adjusted EPS is expected to be in the range of $1.11 to $1.23. The consensus estimate for earnings is at $1.02 per share and for revenue at  $4.37 billion.

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