Applied Posts Loss on Expenses, Sales Drop
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Applied Materials Inc. had a fiscal third-quarter loss because of a 25% drop in sales and expenses to fire workers, write off inventory and close plants.
The net loss was $36.8 million, or 2 cents a share, compared with net income of $115.2 million, or 7 cents, a year earlier, the company said. Sales fell to $1.09 billion from $1.46 billion.
Santa Clara, Calif.-based Applied said excluding one-time items, the company had a profit of 5 cents a share, a penny better than analyst estimates. Applied shares rose 12 cents in after-hours trading after the announcement. The stock rose 11 cents to $18.45 in regular Nasdaq trading.
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