SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Applied Materials Inc. (AMAT) on Thursday reported fiscal third-quarter earnings of $1.78 billion.

On a per-share basis, the Santa Clara, California-based company said it had profit of $2.22. Earnings, adjusted for non-recurring costs, came to $2.48 per share.

The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $2.34 per share.

The maker of chipmaking equipment posted revenue of $7.3 billion in the period, also surpassing Street forecasts. Eight analysts surveyed by Zacks expected $7.2 billion.

For the current quarter ending in October, Applied Materials expects its per-share earnings to range from $1.91 to $2.31.

The company said it expects revenue in the range of $6.2 billion to $7.2 billion for the fiscal fourth quarter.

Applied Materials shares have increased 17% since the beginning of the year, while the S&P’s 500 index has climbed 10%. In the final minutes of trading on Thursday, shares hit $189.48, a decrease of 6% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMAT at https://www.zacks.com/ap/AMAT