Summary by Moomoo AI
Applied Materials reported strong fiscal Q3 2024 results with revenue increasing 5% year-over-year to $6.78 billion and net income rising 9% to $1.71 billion. Earnings per diluted share grew to $2.05 from $1.85 last year, while gross margin improved to 47.3% from 46.3%. The Semiconductor Systems segment revenue rose 5% to $4.92 billion, driven by increased DRAM investments.Applied Global Services revenue grew 8% to $1.58 billion, benefiting from higher long-term service agreements and spare parts demand. The Display and Adjacent Markets segment saw a 7% increase to $251 million, though operating margin declined to 6.4% from 13.6%. Operating expenses increased 7.6% to $1.26 billion as the company continued investing in R&D and product development.The company maintained strong cash generation with operating cash flow of $6.1 billion for the first nine months. During Q3, Applied Materials returned $1.2 billion to shareholders through $868 million in share repurchases and $329 million in dividends. The company ended the quarter with $12.1 billion in cash and investments, up from $9.2 billion at the end of fiscal 2023.
