Applied Materials achieved record Q3 FY2024 revenue of $6.78 billion, up 5% YoY, driven by strong AI-related demand. GAAP EPS rose 11% to $2.05, while non-GAAP EPS increased 12% to $2.12. Operating margin improved to 28.7% GAAP and 28.8% non-GAAP, up 0.7 and 0.5 percentage points respectively.The Semiconductor Systems segment led performance with $4.92 billion in revenue and 34.8% operating margin. Applied Global Services contributed $1.58 billion with 29.6% operating margin. The company generated $2.39 billion in operating cash flow and returned $1.19 billion to shareholders through dividends and share repurchases.Looking ahead, Applied Materials expects Q4 FY2024 revenue of approximately $6.93 billion (±$400M) with non-GAAP EPS projected between $2.00 and $2.36. Management highlighted that the race for AI leadership is fueling demand for their portfolio of products and services, positioning the company to outperform markets over the longer term.

Applied Materials achieved record Q3 FY2024 revenue of $6.78 billion, up 5% YoY, driven by strong AI-related demand. GAAP EPS rose 11% to $2.05, while non-GAAP EPS increased 12% to $2.12. Operating margin improved to 28.7% GAAP and 28.8% non-GAAP, up 0.7 and 0.5 percentage points respectively.The Semiconductor Systems segment led performance with $4.92 billion in revenue and 34.8% operating margin. Applied Global Services contributed $1.58 billion with 29.6% operating margin. The company generated $2.39 billion in operating cash flow and returned $1.19 billion to shareholders through dividends and share repurchases.Looking ahead, Applied Materials expects Q4 FY2024 revenue of approximately $6.93 billion (±$400M) with non-GAAP EPS projected between $2.00 and $2.36. Management highlighted that the race for AI leadership is fueling demand for their portfolio of products and services, positioning the company to outperform markets over the longer term.