Applied Materials' stock price slumped by double digits after the semiconductor equipment maker reported a project revenue decline amid tariff worries in China.

Applied Materials, Inc. delivered record Q3 results, with strong revenue, EPS, margins, and robust cash flow, highlighting the current strength in the semiconductor cycle. Q4 guidance signals a potential slowdown: projected revenue and EPS are both down year-over-year, with Semiconductor Systems orders showing notable weakness.

Applied Materials Inc., the largest American producer of chipmaking gear, plunged in premarket trading after giving a disappointing sales and profit forecast, renewing concerns that the US trade dispute with China is weighing on demand.