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Applied Materials, Inc. (NASDAQ: AMAT) on Thursday announced financial results for the fourth quarter of 2023, reporting an increase in adjusted profit.

Adjusted earnings of the semiconductor technology company increased to $2.12 per share in the October quarter from $2.03 per share in the same period of 2022. Net income, including special items, was $2.0 billion or $2.38 per share in the fourth quarter, compared to $1.59 billion or $1.85 per share last year.

Net sales were broadly unchanged at $6.72 billion during the three-month period. The company generated $1.56 billion in cash from operations and distributed $968 million to shareholders.

“Applied’s broad product portfolio, strong customer relationships, and leadership at major technology inflections put us in a great position to profitably grow the company as powerful trends fuel the semiconductor industry’s expansion in the years ahead,” said Gary Dickerson, the company’s CEO.

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The post AMAT Earnings: Highlights of Applied Materials’ Q4 2023 report first appeared on AlphaStreet.

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