Why Applied Materials Shares Are Soaring Today

Shares of Applied Materials (NASDAQ: AMAT) jumped as much as 9.7% higher on Friday morning, driven by an impressive earnings report. The stock had settled down at a calmer 8.1% gain at 10:45 a.m. EST.

In the first quarter of fiscal year 2021, Applied Materials' net sales rose 24% year over year to $5.16 billion. Adjusted earnings jumped from $0.98 to $1.39 per diluted share. The Street consensus had pointed to earnings near $1.28 per share on sales in the neighborhood of $4.97 billion. The engineered materials expert also provided second-quarter guidance well above analyst estimates.

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Source Fool.com