Applied Materials, Inc. (NASDAQ: AMAT) on Thursday announced financial results for the first quarter of 2024, reporting an increase in adjusted profit.
Adjusted earnings of the semiconductor technology company increased to $2.13 per share in the January quarter from $2.03 per share in the same period of 2023. Net income, including special items, was $2.02 billion or $2.41 per share in the first quarter, compared to $1.72 billion or $2.02 per share last year.
Net revenue came in at $6.71 billion during the three months, compared to $6.74 billion in the prior-year quarter. The company generated $2.33 billion in cash from operations in Q1.
“Our leadership positions at key semiconductor inflections support continued outperformance as customers ramp next-generation chip technologies critical to AI and IoT over the next several years,” said Gary Dickerson, the company’s CEO.