A drop in share price is usually the opposite of what happens when a company delivers an estimate-beating quarter. Yet that was the unhappy dynamic experienced by Applied Materials (NASDAQ: AMAT) investors on Friday, when their stock traded more than 3% down following the release of the tech equipment maker's latest set of earnings.

For its fiscal third quarter, Applied Materials booked just over $6.5 billion in revenue, which was not only up 5% on a year-over-year basis, but also a new all-time high for the metric. Going in the opposite direction was adjusted net income, which sagged by 3% to land at $1.68 billion ($1.94 per share).

Both line items topped the average analyst estimates. Collectively, those folks were modeling $6.27 billion on the top line, and $1.78 per share in adjusted net income.

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Source Fool.com