By Ian Jones, 15 August 2001 08:52
NEWS The world's biggest manufacturer of microchip-making equipment, Applied Materials, has suffered a 93 per cent plunge in net income as the semiconductor market groans under its worst recession in decades. The firm's order book continued to fall in Q3, showing an 11 per cent drop on the previous three months to $1.2bn. Net income dropped to $41m, down from £604m on the same period one year ago, while net sales fell to $1.33bn - a 51 per cent decrease on last year. It is indicative of the state of the semiconductor market that the results still managed to ease above pessimistic Wall Street estimates. Applied Materials claims that although it sees no upturn in the immediate future, it will remain in profit.
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