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Applied Materials profit misses consensus by 32.3% in fiscal Q1

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Applied Materials profit misses consensus by 32.3% in fiscal Q1

Applied Materials, Inc. said its normalized net income for the fiscal first quarter ended Jan. 25 was 18 cents per share, compared with the S&P Capital IQ consensus estimate of 27 cents per share.

EPS rose 24.3% year over year from 15 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $225.0 million, a gain of 25.9% from $178.8 million in the year-earlier period.

The normalized profit margin climbed to 10.1% from 8.2% in the year-earlier period.

Total revenue increased 7.7% year over year to $2.36 billion from $2.19 billion, and total operating expenses increased 5.0% year over year to $1.98 billion from $1.88 billion.

Reported net income increased 35.0% year over year to $347.2 million, or 28 cents per share, from $257.3 million, or 21 cents per share.