05:15 AM EST, 11/15/2024 (MT Newswires) -- (Updates with the stock move in the last paragraph.)

Applied Materials ( AMAT ) reported fiscal Q4 adjusted earnings late Thursday of $2.32 per diluted share, up from $2.12 a year earlier.

Analysts polled by Capital IQ expected $2.19 normalized.

Revenue for the quarter ended Oct. 27 was $7.05 billion, up from $6.72 billion a year earlier. Analysts surveyed by Capital IQ expected $6.97 billion.

The company expects fiscal Q1 non-GAAP diluted EPS of $2.29, plus or minus $0.18, on net revenue of $7.15 billion, plus or minus $400 million. Analysts expect EPS of $2.27 from revenue of $7.25 billion.

Shares of the company shares dropped more than 7% in premarket activity Friday.

Price: 171.25, Change: -14.75, Percent Change: -7.92