Applied Materials, Inc. (NASDAQ: AMAT) on Thursday announced financial results for the third quarter of 2023, reporting a modest decline in net sales.
Adjusted earnings of the semiconductor technology company declined to $1.90 per share in the third quarter from $1.94 per share in the same period of 2022. Net income, including special items, was $1.56 billion or $1.85 per share in the July quarter, compared to $1.61 billion or $1.85 per share last year.
There was a 1.5% decrease in net sales to $6.43 billion during the three-month period, mainly reflecting weakness in the core Semiconductor Systems segment.
“Over the past several years, we have focused our strategy and investments on key technologies to accelerate the Internet of Things and AI era, enabling us to consistently deliver strong results in 2023 and positioning Applied Materials for sustainable outperformance,” said Gary Dickerson, the company’s CEO.