Applied Materials 2Q results surpass expectations

Chip manufacturing equipment maker Applied Materials Inc. posted net income of $264 million for its fiscal second quarter, reversing a year-ago loss as revenue more than doubled amid the improving economy.

The company said gains at its silicon and flat panel display businesses drove the quarter's results.

"Global demand for computing and consumer electronics is giving our customers the confidence to make significant capacity additions, fueling what we believe will be a multiyear growth cycle," Mike Splinter, chairman and CEO, said Wednesday in a statement.

For the three months ended May 2, its net income amounted to 20 cents per share, up from a loss of $255.4 million, or 19 cents per share, in the same period a year earlier.

Read Full Article from The Associated Press

- Posted: 2010-05-20 08:48:10

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