Applied Materials Announces 3Q 2023 Results

Applied Materials, Inc. reported results for its third quarter ended July 30, 2023.

Applied generated revenue of $6.43 billion. On a GAAP basis, the company reported gross margin of 46.3%, operating income of $1.8 billion or 28.0% of net sales, and earnings per share (EPS) of $1.85.

On a non-GAAP adjusted basis, the company reported gross margin of 46.4%, operating income of $1.82 billion or 28.3% of net sales, and EPS of $1.90. The company generated $2.58 billion in cash from operations and distributed $707 million to shareholders, including $439 million in share repurchases and $268 million in dividends.

“Applied Materials executed well in our fiscal third quarter, with revenue and earnings at the high end of our guidance range,” said Gary Dickerson, president and CEO. “Over the past several years, we have focused our strategy and investments on key technologies to accelerate the Internet of Things and AI era, enabling us to consistently deliver strong results in 2023 and positioning Applied Materials for sustainable outperformance.”