Shares of Applied Materials (NASDAQ:AMAT) gained in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at $1.90, which beat analysts’ consensus estimate of $1.74 per share. Sales decreased by 1.4% year-over-year, with revenue hitting $6.43 billion. This beat analysts’ expectations by $250 million.
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Looking forward, management now expects revenue and adjusted earnings per share for Q4 2023 to be in the ranges of $6.11 billion to $6.91 billion and $1.82 to $2.18, respectively. For reference, analysts were expecting $5.87 billion in revenue along with an adjusted EPS of $1.60.
Overall, Wall Street has a consensus price target of $148.15 on AMAT stock, implying 7.78% upside potential, as indicated by the graphic above.