Summary by Moomoo AI
Applied Materials, Inc., a leading materials engineering solutions provider, announced its financial results for the second quarter ended April 28, 2024, on May 16, 2024. The company reported a flat year-over-year revenue of $6.65 billion, with a GAAP operating margin of 28.8 percent and a non-GAAP operating margin of 29.0 percent. GAAP earnings per share (EPS) increased by 11 percent to $2.06, while non-GAAP EPS rose by 5 percent to $2.09. The company also generated $1.39 billion in cash from operations and returned $1.09 billion to shareholders through share repurchases and dividends. Applied Materials' President and CEO, Gary Dickerson, highlighted the company's strong performance and its advantageous position due to its portfolio of materials engineering technologies, which are essential for the development of AI, IoT, electric vehicles, and clean energy. For the third quarter of fiscal 2024, Applied Materials expects net revenue to be approximately $6.65 billion, with non-GAAP diluted EPS projected to be between $1.83 and $2.19.