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Applied Materials Announces 3Q 2024 Results

Revenue was $6.78 billion, up 5% year over year, with operating income of $1.94 billion.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Applied Materials, Inc. reported results for its third quarter ended July 28, 2024.

Applied generated record revenue of $6.78 billion. On a GAAP basis, the company reported gross margin of 47.3%, operating income of $1.94 billion or 28.7% of net revenue, and earnings per share (EPS) of $2.05.

On a non-GAAP basis, the company reported gross margin of 47.4%, operating income of $1.95 billion or 28.8% of net revenue, and EPS of $2.12.

The company generated $2.39 billion in cash from operations and distributed $1.19 billion to shareholders including $861 million in share repurchases and $331 million in dividends.

“Applied Materials is delivering strong results in 2024 with record revenues in our fiscal third quarter and earnings towards the high end of our guided range,” said Gary Dickerson, president and CEO. “The race for AI leadership is fueling demand for our unique and connected portfolio of products and services, positioning Applied to outperform our markets over the longer term.”

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