Semiconductor technology company Applied Materials, Inc. (NASDAQ: AMAT) on Thursday reported higher earnings for the third quarter of 2022, aided by a 5% increase in sales. The results also surpassed analysts’ estimates.
Adjusted net income increased to $1.94 per share in the third quarter from $1.90 per share in the same period of 2021. The latest number also beat consensus estimates. Net income, including special items, was $1.61 billion or $1.85 per share in the July quarter, compared to $1.72 billion or $1.87 per share last year.
Check this space to read management/analysts’ comments on Applied Materials’ Q3 earnings
There was a 5% increase in net sales to $6.52 billion, mainly reflecting continued strong performance by the core Semiconductor Systems segment that accounts for about three-fourths of total sales. Analysts were looking for slower top-line growth.
“We feel confident in our ability to navigate macroeconomic headwinds and remain very positive about the long-term strength of the semiconductor market and our outsized growth opportunities,” said Gary Dickerson, the company’s CEO.