Applied Materials sinks 13% on weak guidance due to China demand

Group 1 - Applied Materials shares fell over 13% due to weak guidance amid demand pressures in China [1] - The company forecasted adjusted earnings of $2.11 per share for the current quarter, below the expected $2.39 per share [1] - Projected revenue is $6.7 billion, compared to the $7.34 billion estimate [1] Group 2 - CEO Gary Dickerson highlighted that the macroeconomic backdrop and trade issues have led to "increasing uncertainty and lower visibility," particularly in the China market [2] - The guidance provided does not include pending export license applications and assumes a significant backlog [2]