News Article
Applied Orders Down
Applied Materials expects its orders for Q1 2003 (ending January 26) to be below its target set at the companys Q4 earnings conference call on November 13, 2002.
Applied Materials expects its orders for Q1 2003 (ending January 26) to be below its target set at the companys Q4 earnings conference call on November 13, 2002.
. Q1 orders are now expected to be some 35% below Q4, compared with the previously announced target of 20% below. New orders for Q4 were $1.56bn.
"Due to ongoing economic weakness and geopolitical uncertainties, customers deferred capital expenditures, causing a larger order shortfall than expected," says chairman/CEO James C Morgan.
In November, the company also said that it expected to remain profitable operationally but would incur a small loss due to a restructuring charge associated with the reduction in force announced on November 4, 2002 and other costs. The pre-tax restructuring charge is now expected to be approximately $100mn.