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 CEO Gary Dickerson flagged lower visibility and increased uncertainty in the near-term during a post-earnings call, citing "wide-ranging implications for the semiconductor industry" from the dynamic policy environment.

Shares of Applied Materials (AMAT) are gapping lower after the company shared a downbeat fiscal fourth-quarter forecast

Applied Materials easily beat Wall Street's targets for its fiscal third quarter but badly missed with its outlook. Applied Materials stock fell on the news.

Shares of Applied Materials fell nearly 14% in premarket trading on Friday after the US chip equipment maker issued a downbeat fiscal fourth-quarter forecast, citing sluggish demand from China and growing tariff-related risks.