Where Will Applied Materials Stock Be in 1 Year?
Applied Materials (NASDAQ: AMAT) posted its latest earnings report on Nov. 16. For the fourth quarter of fiscal 2023, which ended on Oct. 29, the semiconductor equipment maker's revenue stayed nearly flat year over year at $6.7 billion but exceeded analysts' expectations by $220 million. Its adjusted earnings grew 4% to $2.12 per share and also cleared the consensus forecast by $0.13.
Those numbers seemed stable, but they were overshadowed by a report that the U.S. Department of Justice (DOJ) had launched a criminal probe into its unapproved exports of "hundreds of millions" of dollars in equipment to the Chinese chipmaking giant Semiconductor Manufacturing International Corp. (SMIC). Applied Materials allegedly evaded the new export controls, which went into effect last October, by shipping its products to China through a subsidiary in South Korea.
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Source Fool.com
