Applied Materials Announces First Quarter 2023 Results

A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial tables included in this release. See also “Use of Non-GAAP Adjusted Financial Measures” section.

Business Outlook

In the second quarter of fiscal 2023, Applied expects net sales to be approximately $6.40 billion, plus or minus $400 million, which includes ongoing supply chain challenges and a negative estimated impact of $250 million dollars related to a cybersecurity event recently announced by one of our suppliers. Non-GAAP adjusted diluted EPS is expected to be in the range of $1.66 to $2.02.

This outlook for non-GAAP adjusted diluted EPS excludes known charges related to completed acquisitions of $0.01 per share, includes the normalized tax benefit of share-based compensation of $0.01 per share and includes a net income tax benefit related to intra-entity intangible asset transfers of $0.02 per share, but does not reflect any items that are unknown at this time, such as any additional charges related to acquisitions or other non-operational or unusual items, as well as other tax related items, which we are not able to predict without unreasonable efforts due to their inherent uncertainty.

First Quarter Reportable Segment Information

Semiconductor Systems Q1 FY2023  Q1 FY2022
 (In millions, except percentages)
Net sales$5,162  $4,567 
Foundry, logic and other 77%  60%
DRAM 13%  25%
Flash memory 10%  15%
Operating income$1,917  $1,771 
Operating margin 37.1%  38.8%
Non-GAAP Adjusted Results  
Non-GAAP adjusted operating income$1,926  $1,778 
Non-GAAP adjusted operating margin 37.3%  38.9%


Applied Global Services Q1 FY2023  Q1 FY2022
 (In millions, except percentages)
Net sales $ 1,369     $ 1,320  
Operating income $ 383     $ 403  
Operating margin   28.0 %     30.5 %
Non-GAAP Adjusted Results    
Non-GAAP adjusted operating income $ 383     $ 403  
Non-GAAP adjusted operating margin   28.0 %     30.5 %

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