Applied Materials reported better-than-expected results for its fiscal third quarter ending July 28, 2024, thanks to a semiconductor market boom driven by competition for AI leadership.


Applied Materials announced global revenue of $6.78 billion for the third quarter of fiscal year 2024, with a gross margin of 47.3%.

Operating profit and operating profit margin were $1.94 billion and 28.7%, respectively, and earnings per share (EPS) were $2.05.

In terms of non-GAAP, the company recorded gross profit margin of 47.4%, operating profit of $1.95 billion, operating profit margin of 28.8%, and net income per share of $2.12.

Applied Materials generated $2.39 billion in cash from operations and returned $1.19 billion to shareholders, including $861 million in share repurchases and $331 million in dividends.

“Applied Materials achieved record revenue for the third quarter of fiscal 2024, exceeding our expectations,” said Gary Dickerson, Applied Materials chairman and CEO. “The race for AI leadership is driving demand for our unmatched, yet connected, portfolio of products and services. Based on this, Applied is positioning itself to perform better in the market over the long term,” he said.

More information about Applied Materials' performance can be found on the Applied Materials website.