US Stock Market Move | Q1 revenue guidance falls short of expectations, Applied Materials (AMAT.US) tumbles more than 9% in pre-market trading.

On Friday, Applied Materials (AMAT.US) plummeted over 9% in premarket trading, to $169.20. On the news front, Applied Materials announced its fourth quarter performance. Data showed that revenue for the fourth quarter ending on October 27 increased by 5% to $7.05 billion, surpassing the expected $6.95 billion. Adjusted earnings per share were $2.32, also exceeding the expected $2.19. The company also announced disappointing revenue guidance, indicating that some semiconductor customers may postpone orders. According to data compiled by LSEG, Applied Materials expects first quarter revenue to be around $7.15 billion, lower than the analyst average estimate of $7.22 billion. The company forecasts adjusted earnings per share to be around $2.29, slightly higher than the expected $2.27.