Applied Materials Announces Third 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 fourth quarter of fiscal 2024, Applied expects net revenue to be approximately $6.93 billion, plus or minus $400 million. Non-GAAP diluted EPS is expected to be in the range of $2.00 to $2.36.

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.

Third 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 Q3 FY2024  Q3 FY2023
 (In millions, except percentages)
Net revenue$4,924  $4,676 
Foundry, logic and other 72%  79%
DRAM 24%  17%
Flash memory 4%  4%
Operating income$1,712  $1,568 
Operating margin 34.8%  33.5%
Non-GAAP Results  
Non-GAAP operating income$1,722  $1,578 
Non-GAAP operating margin 35.0%  33.7%


Applied Global Services Q3 FY2024  Q3 FY2023
 (In millions, except percentages)
Net revenue $ 1,580     $ 1,464  
Operating income $ 467     $ 399  
Operating margin   29.6 %     27.3 %
Non-GAAP Results    
Non-GAAP operating income $ 467     $ 399  
Non-GAAP operating margin   29.6 %     27.3 %

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