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Semiconductor equipment maker Applied Materials, Inc. ( AMAT ) late Wednesday posted a sharp downturn in fiscal third quarter earnings, hurt by one-time items and a big drop in revenue.

The Santa Clara-based company reported fiscal third quarter net income of $218 million, or 17 cents per share, compared with $476 million, or 36 cents per share, in the year-ago period. Excluding special items, adjusted profit was 24 cents per share.

Revenue fell 16% from last year to $2.34 billion.

On average, Wall Street analysts expected a still-lower profit of 22 cents per share, on nearly matching revenue of $2.3 billion.

The drop in Q3 earnings was largely expected following the company's lowered guidance back in July .

Applied Materials shares fell 40 cents, or 3.4%, in aftermarket trading Wednesday.

The Bottom Line
Shares of Applied Materials ( AMAT ) have a 3.05% dividend yield, based on today's closing stock price of $11.80. The stock has technical support in the $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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