Applied Materials Inc. (AMAT – Free Report) reported modest fourth-quarter fiscal 2016 results, wherein the top- and the bottom line came ahead of the Zacks Consensus Estimate.

The company’s pro-forma earnings per share (EPS) of 66 cents in the fourth quarter beat the Zacks Consensus Estimate by a penny and came in at the higher end of the guided range.

This quarter Applied Materials’ revenues, orders and earnings were at an all-time high.

The company’s leadership and advanced packaging business stayed strong in this quarter. The company continues to see technological advancements in semiconductor and display areas. The ramp up of 3D NAND has led to significant market share gains.

Applied Materials remains strongly positioned in China where it continues to see strong growth in semiconductor orders. Growing investments from Chinese domestic manufacturers have been the main catalysts.

Notably, the company has gained considerable success in expanding beyond semiconductors, particularly in display.New displays technologies like OLED are opening up new market opportunities for Applied Materials. The available market opportunity is now more than ten times that of traditional LCD.

Applied Materials has well-differentiated products and high market share and is efficiently delivering key enabling technology to logic and foundry customers. The company continues to expect strong products and services demand in the near future driven by continuous adoption of new technologies by semiconductor and display customers.

At the call, management seemed excited about emerging trends on the semiconductor and display fronts such as artificial intelligence, big data, cloud infrastructure, Internet of Things (IoT), virtual reality and self-driving cars.

Management believes that Applied Materials is in a great position to grow sustainably and profitably based on its strong pipeline of enabling technologies, supported by expanding opportunities on the semiconductor, service and display fronts.