Applied Materials Announces First Quarter 2023 Results

About Applied Materials

Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible a better future. Learn more at www.appliedmaterials.com.

Contact:

Ricky Gradwohl (editorial/media) 408.235.4676
Michael Sullivan (financial community) 408.986.7977


APPLIED MATERIALS, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

 Three Months Ended
(In millions, except per share amounts)January 29,
2023
 January 30,
2022
Net sales$6,739 $6,271 
Cost of products sold 3,594  3,312 
Gross profit 3,145  2,959 
Operating expenses:   
Research, development and engineering 771  654 
Marketing and selling 197  167 
General and administrative 207  166 
Severance and related charges   (4)
Total operating expenses 1,175  983 
Income from operations 1,970  1,976 
Interest expense 59   57  
Interest and other income, net   50     6  
Income before income taxes   1,961     1,925  
Provision for income taxes   244     133  
Net income $ 1,717   $ 1,792  
Earnings per share:      
Basic $ 2.03   $ 2.02  
Diluted $ 2.02   $ 2.00  
Weighted average number of shares:      
Basic   845     889  
Diluted   849     897  

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