Shares of Applied Materials (NASDAQ:AMAT) ticked higher in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at $2.03, which beat analysts’ consensus estimate of $1.93 per share. Sales increased by 7% year-over-year, with revenue hitting $6.74 billion. This beat analysts’ expectations of $6.66 billion.
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Looking forward, management now expects revenue for Q2 2023 to be in the range of $6 billion to $6.8 billion. In addition, EPS is expected to be in the range of $1.66 – $2.02. For reference, analysts were expecting $6.33 billion in revenue and $1.76 in EPS.
Overall, Wall Street has a consensus price target of $119.76 on Applied Materials, implying 3.79% upside potential, as indicated by the graphic above.