Semiconductor technology company Applied Materials, Inc. (NASDAQ: AMAT) on Thursday reported higher adjusted earnings for the fourth quarter of 2022, aided by a 10% increase in sales. The results also surpassed analysts’ estimates.
Adjusted profit increased to $2.03 per share in the fourth quarter from $1.94 per share in the same period of 2021. The latest number also beat consensus estimates. Net income, including special items, was $1.59 billion or $1.85 per share in the October quarter, compared to $1.71 billion or $1.89 per share last year.
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There was a 10% increase in net sales to $6.75 billion, mainly reflecting continued strong performance by the core Semiconductor Systems segment. Analysts were looking for slower top-line growth.
“Though we are slowing the rate of spending growth in the near term amid geopolitical and macroeconomic challenges, we are making the strategic investments to win the major technology inflections that will enable Applied to outgrow the semiconductor market,” said Gary Dickerson, the company’s CEO.