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Applied Materials turns loss to profit in Q1

Applied Materials reported a net income of US$83 million in the first quarter (Q1) ended 31 January of fiscal 2010, compared to a US$133m loss in the same period in 2009.

Net sales were up 39% to US$1.85 billion, for the provider of Nanomanufacturing Technology™ solutions for the semiconductor, flat panel display and solar industries.

“Applied posted solid first quarter results led by robust sales in our semiconductor equipment business,” says Mike Splinter, Applied Materials Chairman and CEO.

“With global demand improving in our customers’ end markets, we are raising our full-year revenue target to reflect higher anticipated demand in our semiconductor, LCD display and crystalline silicon solar businesses.”

Applied Materials raised it 2010 full year outlook from a 30% growth in net sales, to 50% growth.

In the second quarter of 2010, Applied Materials expects net sales growth of 15-25% over Q1.

“Applied enters its second quarter with considerable momentum, and we are off to an excellent start for the year,” Splinter adds.

Stock data

The Applied Materials share price opened at US$12.78 on 17 February - the day of the release. After taking a plunge to US$12.32, it closed at US$12.68, down 0.8% from the opening price.

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