Applied Materials' stock surged 13.28% in post-market trading on Thursday, following the release of its quarterly financial results.

The semiconductor equipment maker reported first-quarter adjusted earnings per share of $2.38, beating analyst estimates of $2.20. Revenue for the quarter reached $7.01 billion, exceeding expectations of $6.87 billion.

For the current quarter, Applied Materials forecast revenue of approximately $7.65 billion, plus or minus $500 million, compared to analyst estimates of $7.01 billion. The company expects adjusted earnings of about $2.64 per share, well above the $2.28 consensus estimate.

CEO Gary Dickerson stated that results were "fueled by the acceleration of industry investments in AI computing," with demand for higher-performance and more energy-efficient chips driving growth. The company expects its semiconductor equipment business to grow more than 20% this calendar year.