Aplied Materials (AMAT) came out with quarterly earnings of $1.63 per share, beating the Zacks Consensus Estimate of $1.51 per share. This compares to earnings of $0.89 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 7.95%. A quarter ago, it was expected that this maker of chipmaking equipment would post earnings of $1.27 per share when it actually produced earnings of $1.39, delivering a surprise of 9.45%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Applied Materials, which belongs to the Zacks Semiconductor Equipment - Wafer Fabrication industry, posted revenues of $5.58 billion for the quarter ended April 2021, surpassing the Zacks Consensus Estimate by 3.52%. This compares to year-ago revenues of $3.96 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock' s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management' s commentary on the earnings call.

Applied Materials shares have added about 44.6% since the beginning of the year versus the S& P 500' s gain of 9.6%.