{"id":85572,"date":"2023-11-17T02:53:49","date_gmt":"2023-11-17T07:53:49","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/applied-materials-earnings-beat-estimates-why-the-stock-is-dropping\/"},"modified":"2023-11-17T02:53:50","modified_gmt":"2023-11-17T07:53:50","slug":"applied-materials-earnings-beat-estimates-why-the-stock-is-dropping","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85572","title":{"rendered":"Applied Materials Earnings Beat Estimates. Why the Stock Is Dropping."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000803406\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Applied Materials<br \/>\n       reported better-than- expected earnings for the October quarter, but its shares fell after a media report offered new details about a U.S. Justice Department probe into the company. <\/p>\n<p>On Thursday, just as Applied Materials (ticker: AMAT) released its earnings, Reuters reported that the company was under criminal investigation\u00a0by the Justice Department for sending its equipment to a Chinese company without the required licenses. <\/p>\n<div class=\"paywall\">\n<p>Shares were down 7% in after-hours trading. <\/p>\n<p>Reuters said the chip equipment maker is \u201cbeing probed by the Justice Department for sending equipment to SMIC via South Korea without export licenses,\u201d citing unidentified sources. \u201cHundreds of millions of dollars of equipment is involved,\u201d the report said.<\/p>\n<p>Applied Materials disclosed in October 2022 that it \u201creceived a subpoena from the U.S. Attorney\u2019s Office for the District of Massachusetts requesting information relating to certain China customer shipments.\u201d <\/p>\n<p>\u201cWe are cooperating fully with the government,\u201d the company said at the time.<\/p>\n<p>On its earnings call Thursday, the company declined to provide more details on the Reuters report. \u201cWe did disclose this last October,\u201d chief financial officer Brice Hill said. <\/p>\n<p>The company did not respond to an e-mailed request for comment from\u00a0<em>Barron\u2019s<\/em>. A spokesperson for the company could not be reached.<\/p>\n<p>As for its quarterly results, Applied Materials reported adjusted earnings of $2.12 a share for the October quarter, compared with the consensus estimate of $1.99 among Wall Street analysts tracked by FactSet. Revenue came in at $6.7 billion, above analysts\u2019 expectations of $6.5 billion.<\/p>\n<p>Applied Materials also forecast a range of potential revenue for the current quarter with a midpoint of $6.5 billion, compared with the consensus view of $6.4 billion.<\/p>\n<p>The company\u2019s customers include<br \/>\n        Intel<br \/>\n       (INTC) and<br \/>\n        Taiwan Semiconductor Manufacturing<br \/>\n       (TSM).<\/p>\n<p>Write to Tae Kim at tae.kim@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/applied-materials-stock-earnings-investigation-2af49410?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Applied Materials reported better-than- expected earnings for the October quarter, but its shares fell after a media report offered new details about a U.S. Justice Department probe into the company. On Thursday, just as Applied Materials (ticker: AMAT) released its earnings, Reuters reported that the company was under criminal investigation\u00a0by the Justice Department for sending [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":85573,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-85572","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Applied Materials Earnings Beat Estimates. 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