Applied Materials reported third-quarter revenue of $7.3 billion, up 8% year-over-year and above estimates of $7.22 billion, according to Benzinga Pro. Adjusted earnings of $2.48 per share topped forecasts of $2.36. The company ended the quarter with $5.38 billion in cash and cash equivalents and a gross margin of 48.8%. CFO Brice Hill said fourth-quarter revenue will decline due to capacity digestion in China and uneven demand from leading-edge customers. Applied Materials expects fourth-quarter revenue of $6.7 billion, plus or minus $500 million, and adjusted earnings of $1.91 to $2.31 per share, both below analyst forecasts. Shares fell 10.75% after hours.
