Applied Materials, Inc. (NASDAQ: AMAT) has recently announced its financial results for the second quarter of 2024, ending on April 28. The company reported a revenue of $6.65 billion, which remained flat year over year. On a GAAP basis, Applied Materials disclosed a gross margin of 47.4 percent, operating income of $1.91 billion (equivalent to 28.8 percent of net revenue), and earnings per share (EPS) of $2.06.
Furthermore, on a non-GAAP basis, the company’s gross margin was reported at 47.5 percent, operating income at $1.93 billion (29.0 percent of net revenue), and EPS at $2.09. Additionally, Applied Materials generated $1.39 billion in cash from operations and distributed $1.09 billion to shareholders, including $820 million in share repurchases and $266 million in dividends.
President and CEO, Gary Dickerson, expressed his satisfaction with the company’s performance, stating, “Applied Materials continues to deliver strong performance in 2024, with fiscal second quarter revenue and earnings towards the high end of our guided range.” Dickerson highlighted the company’s leading portfolio of materials engineering technologies for chips, emphasizing their role in supporting technological advancements such as AI, IoT, electric vehicles, and clean energy.
The financial results for the second quarter of fiscal year 2024 are summarized as follows:
| Q2 FY2024 | Q2 FY2023 | Change | |
|---|---|---|---|
| Net revenue | $6,646 | $6,630 | — |
| Gross margin | 47.4% | 46.7% | 0.7 points |
| Operating margin | 28.8% | 28.8% | — |
| Net income | $1,722 | $1,575 | 9% |
| Diluted earnings per share | $2.06 | $1.86 | 11% |
Non-GAAP results for the same period include a gross margin of 47.5%, operating margin of 29.0%, and net income of $1,744. The non-GAAP diluted earnings per share amounted to $2.09.
