Applied Materials Inc (NASDAQ:AMAT) reported better-than-expected financial results for the second quarter on Thursday.

Applied Materials said second-quarter revenue was flat on a year-over-year basis. The chip equipment company reported total revenue of $6.646 billion which beat the consensus estimate of $6.537 billion, according to Benzinga Pro. Applied Materials reported adjusted earnings of $2.09 per share, beating analyst estimates of $1.99 per share.

"Applied Materials continues to deliver strong performance in 2024, with fiscal second quarter revenue and earnings towards the high end of our guided range," said Gary Dickerson, president and CEO of Applied Materials. "Applied Materials has the most enabling portfolio of materials engineering technologies for chips that underpin tectonic shifts in technology including AI, IoT, electric vehicles and clean energy, which puts us in a great position to grow along with these long-term, secular trends."

The company said it sees third-quarter revenue of $6.65 billion, plus or minus $400 million, versus estimates of $6.576 billion. The company projects third-quarter adjusted earnings to be between $1.83 and $2.19 per share, versus estimates of $1.98 per share.

Applied Materials shares fell 1.6% to close at $214.03 on Thursday.

These analysts made changes to their price targets on Applied Materials after the company reported quarterly results.

• B of A Securities raised the price target on Applied Materials from $222 to $250. B of A Securities analyst Vivek Arya maintained a Buy rating.
• Mizuho increased Applied Materials price target from $225 to $245. Mizuho analyst Vijay Rakesh maintained a Buy rating.
• Needham analyst Charles Shi reiterated Applied Materials with a Buy and maintained a $240 price target.