Gap (GPS): The retailer reported quarterly sales and profit that topped Wall Street estimates, sending shares up 7% in after hours trading.
Gap reported net sales of $4.04 billion, up 2% from a year ago. Comparable sales for the third quarter were up 1% year-over-year, topping Wall Street’s forecast of a decline of 3.4%.
In the earnings release, Gap CFO Katrina O’Connell noted the challenging macroeconomic environment, writing “we continue to take a prudent approach in light of the uncertain consumer and increasingly promotional environment as we look to the remainder of fiscal 2022.” Gap sees total fourth-quarter net sales declining mid-single digits.
Applied Materials (AMAT): The company reported adjusted earnings of $2.03 a share on revenue of $6.75 billion, above analysts’ expectations. On the earnings call, Applied Materials CEO Gary Dickerson noted slowing spending growth in the near term amid macroeconomic challenges, but said the company is making “strategic…