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Applied Materials, An Upside Surprise, And Layoffs (AMAT)

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By Douglas A. McIntyre Published
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Applied Materials Inc. (NASDAQ: AMAT) managed to close at what looks to be a decade low, and it was right under $10.00 ahead of earnings. The semiconductor capital equipment giant posted earnings of $0.20 non-GAAP EPS on $2.04 billion in revenue.   Thomson Reuters (First Call) estimates were for $0.14 non-GAAP EPS and $1.94 billion in revenue. 

The company also reported $2.21 billion in new orders,which is a better indication of whether the earnings and revenues for next quarter will beatestimates.  Estimates for next quarter are $0.16 EPS on $1.95 billion inrevenues.

Applied has also announced that it is entering into a broad-basedrestructuring plan and it will shed 12% of its workforce or some 1,800jobs.  The goal is to save some $400 million annually.

This $2.21 billion in new orders is not the revenue guidance for nextquarter, but it is good that this number is still above analysts’ estimates.  Keep in mind thatuntil we have guidance from the conference call that this is unfinishedbusiness. 

Shares closed down over 6.5% at $9.95, but the stock is back up to $10.65 in after-hours trading.

Jon C. Ogg
November 12, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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