Driven by semiconductor demand, Applied Materials reported growth in both its sales and profits.

Benefiting from AI-driven semiconductor demand, Applied Materials (AMAT.O) delivered strong growth in both profit and revenue for its fourth fiscal quarter. The company reported a net profit of $2.72 billion, or $3.40 per share, compared with $1.9 billion, or $2.38 per share, in the same period last year. Excluding certain one-time items, adjusted earnings per share reached $4.16, surpassing analysts’ prior consensus estimate of $4.06. Revenue jumped 53% to $10.41 billion, exceeding analysts’ forecast of $10.3 billion. Gary Dickerson, CEO of Applied Materials, noted that the company’s semiconductor systems business is expected to grow by more than 40% this year. In the latest quarter, this segment’s sales soared 64% to nearly $8 billion. For the first quarter of the new fiscal year, Applied Materials projects revenue of $11.1 billion, with a fluctuation range of plus or minus $500 million; it forecasts adjusted earnings per share of $4.35, with a fluctuation range of plus or minus 20 cents.