Aug. 15 (UPI) -- Applied Materials' stock price slumped by double digits on Friday after the semiconductor equipment maker reported a projected decline in revenue amid tariff worries in China.

On the Standard and Poor's 500 index , the company's stock decreased 11% at the opening bell and was trading at $162.09, down 13.87%, at 2 p.m. Entering trading, Applied Materials was up more than 15% for the year. The stock reached $199.29 on July 15 with the record $235.99 in April 2024.

The company, based in Santa Clara, Calif., reported the sixth consecutive quarter of revenue growth , including $7.3 billion in the third quarter, but foresees a weaker situation in the next quarter. They initially projected $6.7 billion in revenue for the quarter.

"We are expecting a decline in revenue in

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