Applied Materials Announces First Quarter 2024 Results

A reconciliation of the GAAP and non-GAAP results is provided in the financial tables included in this release. See also “Use of Non-GAAP Financial Measures” section.

Business Outlook

In the second quarter of fiscal 2024, Applied expects net revenue to be approximately $6.50 billion, plus or minus $400 million. Non-GAAP diluted EPS is expected to be in the range of $1.79 to $2.15.

This outlook for non-GAAP diluted EPS excludes known charges related to completed acquisitions of $0.01 per share and includes the normalized tax benefit of share-based compensation of $0.01 per share and includes a net income tax benefit related to intra-entity intangible asset transfers of $0.02 per share, but does not reflect any items that are unknown at this time, such as any additional charges related to acquisitions or other non-operational or unusual items, as well as other tax-related items, which we are not able to predict without unreasonable efforts due to their inherent uncertainty.

First Quarter Reportable Segment Information

Effective in the first quarter of fiscal 2024, management began including share-based compensation expense in the evaluation of reportable segments' performance. Prior-year numbers have been recast to conform to the current-year presentation.

Semiconductor Systems Q1 FY2024  Q1 FY2023
 (In millions, except percentages)
Net revenue$4,909  $5,162 
Foundry, logic and other 62%  77%
DRAM 34%  13%
Flash memory 4%  10%
Operating income$1,744  $1,855 
Operating margin 35.5%  35.9%
Non-GAAP Results  
Non-GAAP operating income$1,754  $1,864 
Non-GAAP operating margin 35.7%  36.1%


Applied Global Services Q1 FY2024  Q1 FY2023
 (In millions, except percentages)
Net revenue $ 1,476     $ 1,369  
Operating income $ 417     $ 345  
Operating margin   28.3 %     25.2 %
Non-GAAP Results    
Non-GAAP operating income $ 417     $ 345  
Non-GAAP operating margin   28.3 %     25.2 %

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