Applied Materials, Inc. (NASDAQ: AMAT) today reported results for
its first quarter ended Jan. 29, 2023.
First Quarter Results
Applied generated revenue of $6.74 billion. On a GAAP basis, the
company achieved gross margin of 46.7 percent, operating income of
$1.97 billion or 29.2 percent of net sales, and record earnings per
share (EPS) of $2.02.
On a non-GAAP adjusted basis, the company reported gross margin
of 46.8 percent, operating income of $1.99 billion or 29.5 percent
of net sales, and EPS of $2.03.
The company generated $2.27 billion in cash from operations and
returned $470 million to shareholders including $250 million in
share repurchases and $220 million in dividends.
“While the economy and semiconductor industry are facing
challenges in 2023, Applied Materials delivered strong first
quarter results, and we believe Applied is well positioned to
outperform our markets this year,” said Gary Dickerson, President
and CEO. “Our resilience is underpinned by our strong positions
with leading customers at key technology inflections, large backlog
of differentiated products and growing service business.”
Results Summary
|
Q1 FY2023 |
|
Q1 FY2022 |
|
Change |
|
(In millions, except per share amounts and percentages) |
Net sales |
$ |
6,739 |
|
|
$ |
6,271 |
|
|
7% |
Gross margin |
|
46.7 |
% |
|
|
47.2 |
% |
|
(0.5) points |
Operating margin |
|
29.2 |
% |
|
|
31.5 |
% |
|
(2.3) points |
Net income |
$ |
1,717 |
|
|
$ |
1,792 |
|
|
(4)% |
Diluted earnings per
share |
$ |
2.02 |
|
|
$ |
2.00 |
|
|
1% |
Non-GAAP Adjusted Results |
|
|
|
|
|
Non-GAAP adjusted gross margin |
|
46.8 |
% |
|
|
47.3 |
% |
|
(0.5) points |
Non-GAAP adjusted operating
margin |
|
29.5 |
% |
|
|
31.7 |
% |
|
(2.2) points |
Non-GAAP adjusted net
income |
$ |
1,724 |
|
|
$ |
1,696 |
|
|
2% |
Non-GAAP adjusted diluted
EPS |
$ |
2.03 |
|
|
$ |
1.89 |
|
|
7% |
A reconciliation of the GAAP and non-GAAP adjusted results is
provided in the financial tables included in this release. See also
“Use of Non-GAAP Adjusted Financial Measures” section.
Business Outlook
In the second quarter of fiscal 2023, Applied expects net sales
to be approximately $6.40 billion, plus or minus $400 million,
which includes ongoing supply chain challenges and a negative
estimated impact of $250 million dollars related to a cybersecurity
event recently announced by one of our suppliers. Non-GAAP adjusted
diluted EPS is expected to be in the range of $1.66 to $2.02.
This outlook for non-GAAP adjusted diluted EPS excludes known
charges related to completed acquisitions of $0.01 per share,
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
Semiconductor
Systems |
Q1 FY2023 |
|
Q1 FY2022 |
|
(In millions, except percentages) |
Net sales |
$ |
5,162 |
|
|
$ |
4,567 |
|
Foundry, logic and other |
|
77 |
% |
|
|
60 |
% |
DRAM |
|
13 |
% |
|
|
25 |
% |
Flash memory |
|
10 |
% |
|
|
15 |
% |
Operating income |
$ |
1,917 |
|
|
$ |
1,771 |
|
Operating margin |
|
37.1 |
% |
|
|
38.8 |
% |
Non-GAAP
Adjusted Results |
|
|
Non-GAAP adjusted operating
income |
$ |
1,926 |
|
|
$ |
1,778 |
|
Non-GAAP adjusted operating
margin |
|
37.3 |
% |
|
|
38.9 |
% |
Applied Global
Services |
Q1 FY2023 |
|
Q1 FY2022 |
|
(In millions, except percentages) |
Net sales |
$ |
1,369 |
|
|
$ |
1,320 |
|
Operating income |
$ |
383 |
|
|
$ |
403 |
|
Operating margin |
|
28.0 |
% |
|
|
30.5 |
% |
Non-GAAP
Adjusted Results |
|
|
Non-GAAP adjusted operating
income |
$ |
383 |
|
|
$ |
403 |
|
Non-GAAP adjusted operating
margin |
|
28.0 |
% |
|
|
30.5 |
% |
Display and Adjacent
Markets |
Q1 FY2023 |
|
Q1 FY2022 |
|
(In millions, except percentages) |
Net sales |
$ |
167 |
|
|
$ |
366 |
|
Operating income |
$ |
8 |
|
|
$ |
76 |
|
Operating margin |
|
4.8 |
% |
|
|
20.8 |
% |
Non-GAAP
Adjusted Results |
|
|
Non-GAAP adjusted operating
income |
$ |
8 |
|
|
$ |
77 |
|
Non-GAAP adjusted operating
margin |
|
4.8 |
% |
|
|
21.0 |
% |
Use of Non-GAAP Adjusted Financial Measures
Applied provides investors with certain non-GAAP adjusted
financial measures, which are adjusted for the impact of certain
costs, expenses, gains and losses, including certain items related
to mergers and acquisitions; restructuring and severance charges
and any associated adjustments; impairments of assets; gain or loss
on strategic investments; certain income tax items and other
discrete adjustments. On a non-GAAP basis, the tax effect related
to share-based compensation is recognized ratably over the fiscal
year. Reconciliations of these non-GAAP measures to the most
directly comparable financial measures calculated and presented in
accordance with GAAP are provided in the financial tables included
in this release.
Management uses these non-GAAP adjusted financial measures to
evaluate the company’s operating and financial performance and for
planning purposes, and as performance measures in its executive
compensation program. Applied believes these measures enhance an
overall understanding of its performance and investors’ ability to
review the company’s business from the same perspective as the
company’s management, and facilitate comparisons of this period’s
results with prior periods on a consistent basis by excluding items
that management does not believe are indicative of Applied's
ongoing operating performance. There are limitations in using
non-GAAP financial measures because the non-GAAP financial measures
are not prepared in accordance with generally accepted accounting
principles, may be different from non-GAAP financial measures used
by other companies, and may exclude certain items that may have a
material impact upon our reported financial results. The
presentation of this additional information is not meant to be
considered in isolation or as a substitute for the directly
comparable financial measures prepared in accordance with GAAP.
Webcast Information
Applied Materials will discuss these results during an earnings
call that begins at 1:30 p.m. Pacific Time today. A live webcast
and related slide presentation will be available at
www.appliedmaterials.com. A replay will be available on the website
beginning at 5:00 p.m. Pacific Time today.
Forward-Looking Statements
This press release contains forward-looking statements,
including those regarding anticipated growth and trends in our
businesses and markets, industry outlooks and demand drivers,
technology transitions, our business and financial performance and
market share positions, our capital allocation and cash deployment
strategies, our investment and growth strategies, our development
of new products and technologies, our estimate of the impact on our
second quarter of fiscal 2023 of a recent cybersecurity incident at
one of our major suppliers, our business outlook for the second
quarter of fiscal 2023 and beyond, and other statements that are
not historical facts. These statements and their underlying
assumptions are subject to risks and uncertainties and are not
guarantees of future performance. Factors that could cause actual
results to differ materially from those expressed or implied by
such statements include, without limitation: the level of demand
for our products, our ability to meet customer demand, and our
suppliers' ability to meet our demand requirements; our ability to
assess and mitigate the impact on our business of the recent
cybersecurity incident at one of our major suppliers, and this
supplier’s ability to recover its manufacturing and operations to
meet our requirements; financial, legal and reputational risks, and
the risk of loss of intellectual property, resulting from this or
other cybersecurity incidents affecting us or our suppliers; global
economic, political and industry conditions, including rising
inflation and interest rates; the interpretation and implementation
of new export regulations and license requirements, and their
impact on our ability to export products and provide services to
customers and on our results of operations; global trade issues and
changes in trade and export license policies; our ability to obtain
licenses or authorizations on a timely basis, if at all;
transportation interruptions and logistics constraints; the effects
of regional or global health epidemics, including the severity and
duration of the ongoing COVID-19 pandemic and government imposed
lockdowns and other measures taken in response; consumer demand for
electronic products; the demand for semiconductors; customers’
technology and capacity requirements; the introduction of new and
innovative technologies, and the timing of technology transitions;
our ability to develop, deliver and support new products and
technologies; the concentrated nature of our customer
base; acquisitions, investments and divestitures; changes in
income tax laws; our ability to expand our current markets,
increase market share and develop new markets; market acceptance of
existing and newly developed products; our ability to obtain and
protect intellectual property rights in key technologies; our
ability to achieve the objectives of operational and strategic
initiatives, align our resources and cost structure with business
conditions, and attract, motivate and retain key employees; the
variability of operating expenses and results among products and
segments, and our ability to accurately forecast future results,
market conditions, customer requirements and business needs; our
ability to ensure compliance with applicable law, rules and
regulations; and other risks and uncertainties described in our SEC
filings, including our recent Forms 10-K and 8-K. All
forward-looking statements are based on management’s current
estimates, projections and assumptions, and we assume no obligation
to update them.
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) 408.235.4676Michael
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 |
|
APPLIED MATERIALS, INC.UNAUDITED CONSOLIDATED
CONDENSED BALANCE SHEETS
(In millions) |
January 29,2023 |
|
October 30,2022 |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
3,547 |
|
$ |
1,995 |
Short-term investments |
|
500 |
|
|
586 |
Accounts receivable, net |
|
5,385 |
|
|
6,068 |
Inventories |
|
6,054 |
|
|
5,932 |
Other current assets |
|
1,229 |
|
|
1,344 |
Total
current assets |
|
16,715 |
|
|
15,925 |
Long-term investments |
|
2,088 |
|
|
1,980 |
Property, plant and equipment, net |
|
2,494 |
|
|
2,307 |
Goodwill |
|
3,718 |
|
|
3,700 |
Purchased technology and other intangible assets, net |
|
332 |
|
|
339 |
Deferred
income taxes and other assets |
|
2,612 |
|
|
2,475 |
Total
assets |
$ |
27,959 |
|
$ |
26,726 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Short-term debt |
$ |
199 |
|
$ |
— |
Accounts payable and accrued expenses |
|
3,969 |
|
|
4,237 |
Contract liabilities |
|
3,082 |
|
|
3,142 |
Total
current liabilities |
|
7,250 |
|
|
7,379 |
Long-term debt |
|
5,458 |
|
|
5,457 |
Income
taxes payable |
|
975 |
|
|
964 |
Other
liabilities |
|
856 |
|
|
732 |
Total
liabilities |
|
14,539 |
|
|
14,532 |
Total
stockholders’ equity |
|
13,420 |
|
|
12,194 |
Total
liabilities and stockholders’ equity |
$ |
27,959 |
|
$ |
26,726 |
APPLIED MATERIALS, INC.UNAUDITED CONSOLIDATED
CONDENSED STATEMENTS OF CASH FLOWS
(In millions) |
Three Months Ended |
January 29,2023 |
|
January 30,2022 |
Cash
flows from operating activities: |
|
|
|
Net income |
$ |
1,717 |
|
|
$ |
1,792 |
|
Adjustments required to reconcile net income to cash provided by
operating activities: |
|
|
|
Depreciation and amortization |
|
120 |
|
|
|
102 |
|
Severance and related charges |
|
— |
|
|
|
(4 |
) |
Share-based compensation |
|
148 |
|
|
|
118 |
|
Deferred income taxes |
|
(21 |
) |
|
|
1 |
|
Other |
|
7 |
|
|
|
16 |
|
Net change in operating assets and liabilities |
|
299 |
|
|
|
633 |
|
Cash
provided by operating activities |
|
2,270 |
|
|
|
2,658 |
|
Cash
flows from investing activities: |
|
|
|
Capital expenditures |
|
(287 |
) |
|
|
(144 |
) |
Cash paid for acquisitions, net of cash acquired |
|
(20 |
) |
|
|
— |
|
Proceeds from sales and maturities of investments |
|
414 |
|
|
|
318 |
|
Purchases of investments |
|
(406 |
) |
|
|
(312 |
) |
Cash
used in investing activities |
|
(299 |
) |
|
|
(138 |
) |
Cash
flows from financing activities: |
|
|
|
Proceeds from commercial paper |
|
298 |
|
|
|
— |
|
Repayments of commercial paper |
|
(100 |
) |
|
|
— |
|
Common stock repurchases |
|
(250 |
) |
|
|
(1,803 |
) |
Tax withholding payments for vested equity awards |
|
(136 |
) |
|
|
(235 |
) |
Payments of dividends to stockholders |
|
(220 |
) |
|
|
(214 |
) |
Repayments of principal on finance leases |
|
(10 |
) |
|
|
— |
|
Cash
used in financing activities |
|
(418 |
) |
|
|
(2,252 |
) |
Increase
in cash, cash equivalents and restricted cash equivalents |
|
1,553 |
|
|
|
268 |
|
Cash,
cash equivalents and restricted cash equivalents—beginning of
period |
|
2,100 |
|
|
|
5,101 |
|
Cash,
cash equivalents and restricted cash equivalents — end of
period |
$ |
3,653 |
|
|
$ |
5,369 |
|
|
|
|
|
Reconciliation of cash, cash equivalents, and restricted cash
equivalents |
|
|
|
Cash and cash equivalents |
$ |
3,547 |
|
|
$ |
5,264 |
|
Restricted cash equivalents included in deferred income taxes and
other assets |
|
106 |
|
|
|
105 |
|
Total
cash, cash equivalents, and restricted cash equivalents |
$ |
3,653 |
|
|
$ |
5,369 |
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
Cash payments for income taxes |
$ |
69 |
|
|
$ |
80 |
|
Cash refunds from income taxes |
$ |
4 |
|
|
$ |
123 |
|
Cash payments for interest |
$ |
34 |
|
|
$ |
34 |
|
APPLIED MATERIALS, INC.UNAUDITED SUPPLEMENTAL
INFORMATION
Corporate and Other
(In millions) |
Q1 FY2023 |
|
Q1 FY2022 |
Unallocated net sales |
$ |
41 |
|
|
$ |
18 |
|
Unallocated cost of products sold and expenses |
|
(231 |
) |
|
|
(178 |
) |
Share-based compensation |
|
(148 |
) |
|
|
(118 |
) |
Severance and related charges |
|
— |
|
|
|
4 |
|
Total |
$ |
(338 |
) |
|
$ |
(274 |
) |
Additional Information
|
Q1 FY2023 |
|
Q1 FY2022 |
Net
Sales by Geography (In millions) |
|
United States |
$ |
1,051 |
|
|
$ |
847 |
|
% of Total |
|
16 |
% |
|
|
14 |
% |
Europe |
$ |
573 |
|
|
$ |
281 |
|
% of Total |
|
8 |
% |
|
|
4 |
% |
Japan |
$ |
456 |
|
|
$ |
561 |
|
% of Total |
|
7 |
% |
|
|
9 |
% |
Korea |
$ |
1,293 |
|
|
$ |
1,121 |
|
% of Total |
|
19 |
% |
|
|
18 |
% |
Taiwan |
$ |
1,968 |
|
|
$ |
1,249 |
|
% of Total |
|
29 |
% |
|
|
20 |
% |
Southeast Asia |
$ |
253 |
|
|
$ |
225 |
|
% of Total |
|
4 |
% |
|
|
3 |
% |
China |
$ |
1,145 |
|
|
$ |
1,987 |
|
% of Total |
|
17 |
% |
|
|
32 |
% |
|
|
|
|
Employees (In thousands) |
|
|
|
Regular
Full Time |
|
33.9 |
|
|
|
28.5 |
|
APPLIED MATERIALS, INC. UNAUDITED
RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTS
|
Three Months Ended |
(In millions, except
percentages) |
January 29,2023 |
|
January 30,2022 |
Non-GAAP
Adjusted Gross Profit |
|
|
|
Reported gross profit - GAAP basis |
$ |
3,145 |
|
|
$ |
2,959 |
|
Certain
items associated with acquisitions1 |
|
7 |
|
|
|
6 |
|
Non-GAAP
adjusted gross profit |
$ |
3,152 |
|
|
$ |
2,965 |
|
Non-GAAP
adjusted gross margin |
|
46.8 |
% |
|
|
47.3 |
% |
Non-GAAP
Adjusted Operating Income |
|
|
|
Reported
operating income - GAAP basis |
$ |
1,970 |
|
|
$ |
1,976 |
|
Certain
items associated with acquisitions1 |
|
11 |
|
|
|
9 |
|
Acquisition integration and deal costs |
|
6 |
|
|
|
4 |
|
Severance and related charges2 |
|
— |
|
|
|
(4 |
) |
Non-GAAP
adjusted operating income |
$ |
1,987 |
|
|
$ |
1,985 |
|
Non-GAAP
adjusted operating margin |
|
29.5 |
% |
|
|
31.7 |
% |
Non-GAAP
Adjusted Net Income |
|
|
|
Reported
net income - GAAP basis |
$ |
1,717 |
|
|
$ |
1,792 |
|
Certain
items associated with acquisitions1 |
|
11 |
|
|
|
9 |
|
Acquisition integration and deal costs |
|
6 |
|
|
|
4 |
|
Severance and related charges2 |
|
— |
|
|
|
(4 |
) |
Realized
loss (gain) on strategic investments, net |
|
(4 |
) |
|
|
2 |
|
Unrealized loss (gain) on strategic investments, net |
|
(4 |
) |
|
|
(5 |
) |
Income tax effect of share-based compensation3 |
|
(14 |
) |
|
|
(58 |
) |
Income tax effects related to
intra-entity intangible asset transfers |
|
17 |
|
|
|
18 |
|
Resolution of prior years’ income tax filings and other tax
items |
|
(5 |
) |
|
|
(62 |
) |
Non-GAAP
adjusted net income |
$ |
1,724 |
|
|
$ |
1,696 |
|
1 These items are incremental charges attributable to completed
acquisitions, consisting of amortization of purchased intangible
assets.2 The severance and related charges primarily related
to a one-time voluntary retirement program offered to certain
eligible employees.3 GAAP basis tax benefit related to
share-based compensation is recognized ratably over the fiscal year
on a non-GAAP basis.
APPLIED MATERIALS, INC.UNAUDITED RECONCILIATION
OF GAAP TO NON-GAAP ADJUSTED RESULTS
|
Three Months Ended |
(In millions, except per share
amounts) |
January 29,2023 |
|
January 30,2022 |
Non-GAAP
Adjusted Earnings Per Diluted Share |
|
|
|
Reported earnings per diluted share - GAAP basis |
$ |
2.02 |
|
|
$ |
2.00 |
|
Certain
items associated with acquisitions |
|
0.01 |
|
|
|
0.01 |
|
Acquisition integration and deal costs |
|
0.01 |
|
|
|
— |
|
Unrealized loss (gain) on strategic investments, net |
|
— |
|
|
|
(0.01 |
) |
Income tax effect of share-based compensation |
|
(0.02 |
) |
|
|
(0.06 |
) |
Income tax effects related to intra-entity intangible asset
transfers |
|
0.02 |
|
|
|
0.02 |
|
Resolution of prior years’ income tax filings and other tax
items |
|
(0.01 |
) |
|
|
(0.07 |
) |
Non-GAAP
adjusted earnings per diluted share |
$ |
2.03 |
|
|
$ |
1.89 |
|
Weighted
average number of diluted shares |
|
849 |
|
|
|
897 |
|
APPLIED MATERIALS, INC.UNAUDITED RECONCILIATION
OF GAAP TO NON-GAAP ADJUSTED RESULTS
|
Three Months Ended |
(In millions, except
percentages) |
January 29,2023 |
|
January 30,2022 |
Semiconductor Systems Non-GAAP Adjusted Operating Income |
|
|
|
Reported operating income - GAAP basis |
$ |
1,917 |
|
|
$ |
1,771 |
|
Certain
items associated with acquisitions1 |
|
9 |
|
|
|
7 |
|
Non-GAAP
adjusted operating income |
$ |
1,926 |
|
|
$ |
1,778 |
|
Non-GAAP
adjusted operating margin |
|
37.3 |
% |
|
|
38.9 |
% |
AGS
Non-GAAP Adjusted Operating Income |
|
|
|
Reported
operating income - GAAP basis |
$ |
383 |
|
|
$ |
403 |
|
Non-GAAP
adjusted operating income |
$ |
383 |
|
|
$ |
403 |
|
Non-GAAP
adjusted operating margin |
|
28.0 |
% |
|
|
30.5 |
% |
Display
and Adjacent Markets Non-GAAP Adjusted Operating Income |
|
|
|
Reported
operating income - GAAP basis |
$ |
8 |
|
|
$ |
76 |
|
Certain items associated with
acquisitions1 |
|
— |
|
|
|
1 |
|
Non-GAAP
adjusted operating income |
$ |
8 |
|
|
$ |
77 |
|
Non-GAAP
adjusted operating margin |
|
4.8 |
% |
|
|
21.0 |
% |
1 These items are incremental charges attributable to
completed acquisitions, consisting of amortization of purchased
intangible assets.
Note: The reconciliation of GAAP and non-GAAP
adjusted segment results above does not include certain revenues,
costs of products sold and operating expenses that are reported
within corporate and other and included in consolidated operating
income.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP
ADJUSTED EFFECTIVE INCOME TAX RATE
|
Three Months Ended |
(In millions, except
percentages) |
January 29, 2023 |
|
|
Provision for income taxes - GAAP basis (a) |
$ |
244 |
|
Income
tax effect of share-based compensation |
|
14 |
|
Income tax effects related to
intra-entity intangible asset transfers |
|
(17 |
) |
Resolutions of prior years’ income tax filings and other tax
items |
|
5 |
|
Non-GAAP
adjusted provision for income taxes (b) |
$ |
246 |
|
|
|
Income
before income taxes - GAAP basis (c) |
$ |
1,961 |
|
Certain
items associated with acquisitions |
|
11 |
|
Acquisition integration and deal costs |
|
6 |
|
Realized
loss (gain) on strategic investments, net |
|
(4 |
) |
Unrealized loss (gain) on strategic investments, net |
|
(4 |
) |
Non-GAAP
adjusted income before income taxes (d) |
$ |
1,970 |
|
|
|
Effective income tax rate - GAAP basis (a/c) |
|
12.4 |
% |
|
|
Non-GAAP
adjusted effective income tax rate (b/d) |
|
12.5 |
% |
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