Semiconductor equipment manufacturer Applied Materials (AMAT) late Thursday easily beat Wall Street's targets for its fiscal third quarter but badly missed with its outlook. Applied Materials stock fell in extended trading.

The Santa Clara, Calif.-based company earned an adjusted $2.48 a share on sales of $7.3 billion in the quarter ended July 27. Analysts polled by FactSet had expected earnings of $2.36 a share on sales of $7.22 billion. In the year-earlier period, Applied Materials earned an adjusted $2.12 a share on sales of $6.78 billion.

For the current quarter, Applied Materials forecast adjusted earnings of $2.11 a share on revenue of $6.7 billion. That's based on the midpoint of its guidance. Wall Street was modeling earnings of $2.39 a share on sales of $7.33 billion for the fiscal fourth quarter. In the same quarter last year, Applied Materials earned an adjusted $2.32 a share on sales of $7.05 billion.

In after-hours trading on the stock market today, Applied Materials toppled nearly 11% to 168.25. During the regular session, AMAT stock slid 0.9% to close at 188.24.

Applied Materials stock recently regained support at its 50-day moving average line. It also is on track to have a flat base with a buy point of 201.11 after Friday.

Earnings report details to follow.

Follow Patrick Seitz on X at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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