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Applied Materials (AMAT) Reports No Profit: "Solar Equipment Manufacturing Down 50% This Year"
Applied Materials (AMAT) is trading down after hours after reporting no profits which was in line with analyst estimates on revenues of 1.33 billion, a touch below estimates. That compares with a .25/share profit in the year ago quarter.
“We acted early and decisively to reduce costs in line with economic conditions that have resulted in an unprecedented decline in demand,” said Mike Splinter, president and CEO. “With our leading technology and strong balance sheet, Applied is positioned to weather this recession and invest in new products and services.”
Splinter wen to say that “Our leading semiconductor customers say that the fall-off in chip demand and pricing is the most severe they have ever experienced. Losses are mounting almost universally.”
The company expects revenues to be down another 30% sequentially next quarter but due to economic uncertainty the company won’t provide specific guidance. On the solar side, the company expects manufacturing for crystalline solar equipment to be down 50% in 09 compared to 08.
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