Applied Materials Inc (NASDAQ:AMAT) reported financial results for the second quarter Thursday after the bell. Here's a look at the key metrics from the quarter.
Q2 Earnings: Applied Materials said second-quarter revenue was flat on a year-over-year basis. The chip equipment company reported total revenue of $6.646 billion which beat the consensus estimate of $6.537 billion, according to Benzinga Pro.
Applied Materials reported adjusted earnings of $2.09 per share, beating analyst estimates of $1.99 per share.
The company said it generated $1.39 billion in cash from operations during the quarter and distributed $1.09 billion to shareholders, including $820 million in share repurchases and $266 million in dividends.
Applied Materials continues to deliver strong performance in 2024, with fiscal second quarter revenue and earnings towards the high end of our guided range," said Gary Dickerson, president and CEO of Applied Materials.
"Applied Materials has the most enabling portfolio of materials engineering technologies for chips that underpin tectonic shifts in technology including AI, IoT, electric vehicles and clean energy, which puts us in a great position to grow along with these long-term, secular trends."
Outlook: Applied Materials sees third-quarter revenue of $6.65 billion, plus or minus $400 million, versus estimates of $6.576 billion. The company expects third-quarter adjusted earnings to be between $1.83 and $2.19 per share, versus estimates of $1.98 per share.
Management will hold a conference call to discuss these results at 4:30 p.m. ET.
Don't Miss: EXCLUSIVE: Citron Research's Andrew Left Is Short GameStop Again
AMAT Price Action: Applied Materials shares were down 2.28% after hours at $209.29 at the time of publication, according to Benzinga Pro.
Photo: Courtesy of Applied Materials.