Applied Materials (AMAT) reported fiscal Q1 adjusted earnings late Thursday of $2.38 per diluted share, flat from a year earlier.

Analysts polled by FactSet expected $2.21.

Revenue for the three months ended Jan. 25 was $7.01 billion, down from $7.17 billion a year earlier.

Analysts surveyed by FactSet expected $6.87 billion.

The firm set fiscal Q2 adjusted EPS guidance of $2.44 to $2.84 on revenue of $7.15 billion to $8.15 billion. Analysts expected $2.28 and $7.01 billion, respectively.

Shares were up over 7% during after-hours trading.