This Top Semiconductor Stock Sees Better Economic Times Ahead in 2023
Applied Materials (NASDAQ: AMAT) pulled out all the stops and delivered exceptional financial results for the final months of calendar year 2022 (its fiscal 2023 first quarter, which ended Jan. 29, 2023). Revenue was $6.74 billion, up 7% year over year. Adjusted earnings per share (EPS) were also up 7% year over year. Neither financial metric broke growth records, but both were near the high end of the guidance the company provided a few months ago.
Chip sales, especially in consumer electronics, are down double-digit percentages as the pandemic-fueled consumer spending spree on devices wears off. Given how ugly it's been for parts of the semiconductor industry have been lately, Applied Materials' quarter was quite good. The outlook for the rest of the year is even better, signaling it's still time to go shopping for top semiconductor stocks.
Applied Materials is a leader in the semiconductor manufacturing equipment industry. Applied is the biggest name on the block as measured by annual sales, with chip equipment specialist ASML Holding -- which has a monopoly on specialized machinery used in the most advanced chip manufacturing processes -- not far behind.
Source Fool.com
