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Semiconductor equipment maker Applied Materials, Inc. ( AMAT ) late Thursday reported a sharp downturn in fiscal second quarter earnings, although adjusted results still topped Wall Street's expectations.

The Santa Clara-based company reported fiscal second quarter net income of $289 million, or 22 cents per share, compared with $489 million, or 37 cents per share, in the year-ago period. Excluding special items, adjusted profit was 27 cents per share.

Revenue fell 11% from last year to $2.54 billion.

On average, Wall Street analysts expected a smaller profit of 24 cents per share, on lower revenue of $2.4 billion.

Applied Materials shares closed down 18 cents, or -1.7%, in Thursday trading.

The Bottom Line
Shares of Applied Materials ( AMAT ) have a 3.44% dividend yield, based on today's closing stock price of $10.48. The stock has technical support in the $9-$10 price area. If the shares can firm up, we see overhead resistance around the $12-$13 price levels.

Applied Materials, Inc. ( AMAT ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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