Applied Materials Exceeds Q3 2024 Expectations with $6.78B Revenue, EPS $2.12, 5% YoY Increase

Aug 15, 2024, 08:08 PM

Applied Materials, Inc. reported its third-quarter 2024 financial results, exceeding analysts' expectations. The company achieved a record revenue of $6.78 billion, surpassing the forecasted $6.67 billion, marking a 5% year-over-year increase. Adjusted earnings per share (EPS) were reported at $2.12, above the estimated $2.03 and reflecting a 12% year-over-year growth. The company's semiconductor systems net sales reached $4.92 billion, exceeding the anticipated $4.83 billion. GAAP EPS was reported at $2.05, and the operating margin was 28.8%. Cash from operations totaled $2.39 billion. Applied Materials' CEO highlighted the strong demand for AI technologies as a key driver of this performance. Looking ahead, the company provided guidance for fourth-quarter net sales between $6.53 billion and $7.33 billion.