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Applied Materials profit misses consensus by 34.1% in fiscal Q3

Applied Materials, Inc. said its normalized net income for the fiscal third quarter ended July 26 amounted to 22 cents per share, compared with the S&P Capital IQ consensus estimate of 33 cents per share.

EPS climbed year over year from 21 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $268.8 million, a gain from $256.9 million in the year-earlier period.

The normalized profit margin dropped to 10.8% from 11.3% in the year-earlier period.

Total revenue increased 9.9% year over year to $2.49 billion from $2.27 billion, and total operating expenses climbed 11.2% year over year to $2.04 billion from $1.83 billion.

Reported net income rose 12.3% year over year to $332.4 million, or 27 cents per share, from $295.9 million, or 24 cents per share.