Applied Materials Inc. posted quarterly results that topped analyst estimates, with adjusted earnings per share surpassing consensus by $0.12 and revenue also beating forecasts. Despite the beat, the semiconductor-equipment maker issued a weaker-than-expected outlook. Management said revenue and profit will fall in the current quarter as customers in China absorb earlier purchases, export-license delays persist and demand from leading-edge chipmakers remains uneven. “We have increased uncertainty and lower visibility in the near term, including for our China business,” Chief Executive Officer Gary Dickerson told analysts, while Chief Financial Officer Brice Hill projected a fourth-quarter revenue decline tied to China capacity digestion. The cautious guidance sent Applied Materials’ stock down more than 10% in late trading, the company’s first earnings-day gap of that magnitude since 2001. The selloff pares back part of a rally that had lifted the shares about 53% from their lows following the U.S. tariff announcement in April.