Applied Materials Announces 1Q 2023 Results

Applied Materials, Inc. reported results for its first quarter ended Jan. 29, 2023.

Applied generated revenue of $6.74 billion. On a GAAP basis, the company achieved gross margin of 46.7%, operating income of $1.97 billion or 29.2% of net sales, and record earnings per share (EPS) of $2.02. On a non-GAAP adjusted basis, the company reported gross margin of 46.8%, operating income of $1.99 billion or 29.5% of net sales, and EPS of $2.03.

The company generated $2.27 billion in cash from operations and returned $470 million to shareholders, including $250 million in share repurchases and $220 million in dividends.

“While the economy and semiconductor industry are facing challenges in 2023, Applied Materials delivered strong first quarter results, and we believe Applied is well positioned to outperform our markets this year,” said Gary Dickerson, president and CEO. “Our resilience is underpinned by our strong positions with leading customers at key technology inflections, large backlog of differentiated products and growing service business.”