Applied Materials Reports Solid Q3, but Outlook Fails to Dazzle

Applied Materials topped fiscal Q3 with adjusted earnings of $3.50 per share on revenue of $9.12 billion, beating estimates, while GAAP earnings were $3.17 due to a $220 million unrealized investment loss. For Q4, the company guided about $10.25 billion in revenue and $4.02 in adjusted earnings per share, signaling a high bar as AI-driven capital spending remains robust. The stock fell roughly 5% in after‑hours trading as investors weighed the beat against lofty guidance and competitive pressure in the semiconductor‑equipment space.