Applied Materials, Inc. (NASDAQ:AMAT) shares traded higher on Thursday in sympathy with Micron Technology, Inc. (NASDAQ:MU) after the company reported mixed first-quarter financial results and issued strong guidance.
What To Know: Micron released its earnings report on Wednesday after the market’s close. While the company beat revenue expectations of $4.27 billion, reporting $4.73 billion in quarterly sales, its first-quarter earnings loss of 95 cents missed the Street’s estimate of losses of 91 cents.
However, despite the mixed earnings results, the company’s outlook was undoubtedly promising. Micron anticipates second-quarter earnings to be between a loss of 28 cents plus or minus seven cents, versus the estimate of a loss of 62 cents. Revenue is estimated to be $5.30 billion plus or minus $200 million, versus the $5.03 billion estimate.
Micron shares rose over 9% on Thursday with shares of Applied Materials trading higher alongside the stock by over 3% at one point.
Related Link: Mixed Q2 Results Send Nike Stock Falling After-Hours: The Details
AMAT Price Action: Shares of AMAT were up 2.85% at $161.39 at the close of the market Thursday, according to Benzinga Pro.
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