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Earnings Results: KLA stock rises as earnings, outlook top Street view

KLA Corp. shares rose in the extended session Wednesday after the chip-equipment maker’s quarterly results and outlook topped Wall Street estimates.

KLA
KLAC,
-0.41%

shares rose 3% after hours, following a 0.4% decline in the regular session to close at $340.57.

The company reported fiscal first quarter net income of $1.07 billion, or $6.96 a share, compared with $420.6 million, or $2.69 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $4.64 a share, compared with $3.03 a share in the year-ago period.

Revenue rose to $2.08 billion from $1.54 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast $4.52 a share on revenue of $2.04 billion.

“KLA continues to outperform expectations despite significant supply chain challenges by operating with purpose and precision and focusing on creating value for our customers, partners, and shareholders alike,” said Rick Wallace. KLA chief executive, in a statement.

KLA forecast earnings of $4.95 to $5.85 a share on revenue of $2.23 billion to $2.43 billion. Analysts had estimated $5.14 a share on revenue of $2.23 billion for the fiscal second quarter.

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