Shares of Applied Materials (NASDAQ:AMAT) lost fractionally in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at $2.00, which beat analysts’ consensus estimate of $1.84 per share. Sales increased by 6.1% year-over-year, with revenue hitting $6.63 billion. This beat analysts’ expectations of $6.37 billion.
Applied Materials brought in $2.29 billion in cash from its operations and gave nearly half that figure back to shareholders. It returned a combined $1.02 billion, including $219 million in dividends outright and a share buyback plan backed by $800 million.
Further, Applied Materials management offered some guidance for the third quarter. Revenue is expected somewhere between $5.75 billion and $6.55 billion. Meanwhile, earnings per share are expected to be between $1.56 and $1.92 per share.
Overall, Wall Street has a consensus price target of $135.77 on Applied Materials, implying 4.49% upside potential, as indicated by the graphic above.
