Applied Materials Swings to Profit

Applied Materials Inc., the world’s biggest maker of computer-chip production equipment, swung to a profit in its fiscal first quarter as orders from chip makers climbed 32%. Second-quarter orders, profit and sales will probably beat analysts’ forecasts, the company said.

The Santa Clara, Calif., company reported net income of $82 million, or 5 cents a share, contrasted with a loss of $65.7 million, or 4 cents, a year earlier. Revenue rose 48% to $1.56 billion.

Shares of Applied Materials rose $1.21 to $23.52 in extended trading after the forecasts for orders growth. Earlier, the stock closed up 37 cents at $22.31 on Nasdaq.

From Bloomberg News