SANTA CLARA (dpa-AFX) - Applied Materials, Inc. (AMAT), a provider of materials engineering solutions for the semiconductor industry, reported a sharp increase in profit for the fourth quarter, driven largely by strong demand for semiconductor manufacturing equipment amid growing investment in AI-related technologies.
Fourth-quarter net income rose to $2.72 billion, or $3.40 per share, from $1.90 billion, or $2.38 per share, in the year-ago quarter. Revenue surged 53% to a record $10.41 billion from $6.80 billion.
Gross margin for the quarter improved to 50.4% from 48.0%.
On an adjusted basis, earnings increased to $4.16 per share from $2.17 last year.
Looking forward, the company forecast first-quarter revenue of about $11.1 billion, plus or minus $500 million, and adjusted earnings per share of $4.35, plus or minus $0.20.
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