Applied Materials Suffers Worst Rout Since 2020 on China Woes
A technician works on a computer at the Applied Materials Inc. facility in Santa Clara, California.
Photographer: David Paul Morris/BloombergApplied Materials Inc. suffered the worst single-day stock decline in five years after giving a disappointing sales and profit forecast, renewing concerns that the US trade dispute with China is weighing on demand.
Revenue will be approximately $6.7 billion in the fiscal fourth quarter, the company said in a statement Thursday. Analysts had estimated $7.32 billion on average. Profit will be about $2.11 a share, excluding some items, compared with a projection of $2.38.