Applied Materials, a global leader in materials engineering solutions, posted solid results in the first quarter of fiscal year 2024, outperforming the industry average for the fifth consecutive year.

Applied recently announced its earnings for the first quarter of fiscal year 2024, which ended on January 28.

According to the report, global revenue for the first quarter of fiscal year 2024 was $6.71 billion under U.S. accounting standards, with a gross profit margin of 47.8%. Operating profit and the operating profit margin were $1.97 billion and 29.3%, respectively, while earnings per share (EPS) was $2.41.

On a non-GAAP basis, it recorded a gross profit margin of 47.9%, an operating profit of $1.98 billion, an operating profit margin of 29.5%, and earnings per share of $2.13.

Applied Materials generated $2.33 billion in cash from operating activities and returned a total of $966 million to shareholders, including $700 million in share buybacks and $266 million in dividends.

Gary Dickerson, Chairman and CEO of Applied Materials, stated, “Applied Materials outperformed the industry average for the fifth consecutive year with solid results in the first quarter of fiscal year 2024. As a leader in key semiconductor sectors, Applied Materials will support customers in strengthening next-generation chip technologies critical to AI and the Internet of Things (IoT) and achieving sustained performance in the coming years.”

Further details regarding Applied Materials' performance can be found on the Applied Materials website.