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Applied Materials (AMAT) Q1 2024 earnings results beat revenue & EPS expectations

One of the biggest developers of factory machinery to create semiconductors and flat-panel displays posted a decent beat on its major quarterly metrics.

TJ Denzer

February 15, 2024 1:33 PM

Image via Applied Materials

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As we continue through the latest season of quarterly earnings results, Applied Materials (Stock symbol: AMAT) was one of the most recent to report. Having wrapped up its Q1 2024, the company’s report had good news to share. It was able to post beats against expectations on both revenue and earnings-per-share (EPS).

Applied Materials posted its Q1 2024 earnings results on its investor relations website this week. The company put up a revenue of $6.71 billion USD. That was safely above Wall Street expectation for the company, which was set at $6.5 billion. Meanwhile, the company’s bottom line EPS came out to $2.13 per share. Not only did that beat the Wall Street expectation, which was set at $1.91 per share, but it also beat the Earnings Whisper expectation at $2.00 per share.

Applied Materials is one of the most desirable manufacturers in the world right now. It creates a number of industry machines and products that aid in the fabrication of semiconductor chips, flat-panel displays, and more. It has collaborated with a number of companies worldwide and supplied these manufacturing services to them, including the Joint Center for Energy Storage Research and Singapore technology firm Simtech. With so much wind in its sails, Applied Materials raised its guidance. The company was expected to share revenue forecasts of $6.3 billion for Q2 2024. However, Applied Materials believes it can reach a range from $6.1 billion on the low end to $6.9 billion on the high, resulting in a median of about $6.5 billion.

It will be interesting to see if Applied Materials can reach these lofty goals. As more companies report on their recent quarterly earnings results, stay tuned for more financial news and updates here at Shacknews.

TJ Denzer

Senior News Editor

TJ Denzer is a player and writer with a passion for games that has dominated a lifetime. He found his way to the Shacknews roster in late 2019 and has worked his way to Senior News Editor since. Between news coverage, he also aides notably in livestream projects like the indie game-focused Indie-licious, the Shacknews Stimulus Games, and the Shacknews Dump. You can reach him at tj.denzer@shacknews.com and also find him on Twitter @JohnnyChugs.