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 shares slid about 15% in premarket trading on Friday after the company issued disappointing sales and profit forecast, stoking investor concerns that the U.S.-China trade dispute was eroding demand.

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.