Applied Materials Sales Hit Record High Amid Ai Race

WEB: Applied Materials Reports Record Results in Q3 2024

Revenue Surges, Fueled by AI Race and Semiconductor Demand

Key Takeaways:

* Q3 revenue hits $6.78 billion, a new company record. * Semiconductor-systems unit drives growth with a 53% increase to $4.92 billion. * CEO Gary Dickerson attributes results to heightened demand for AI technologies and semiconductor manufacturing.

Applied Materials (AMAT) has released its third-quarter earnings report for 2024, exceeding analysts' expectations with record revenue and robust earnings.

The company's revenue reached $6.78 billion, a significant surge compared to the previous year. This rise was primarily driven by the semiconductor-systems unit, which experienced a 53% increase to reach $4.92 billion.

According to CEO Gary Dickerson, the company's success in Q3 was fueled by the "race for AI leadership" and the subsequent increase in demand for its products and services.

Dickerson highlighted the company's commitment to innovation and its strong position in the market. He stated that Applied Materials is "well-positioned to capitalize on the secular growth drivers of semiconductor, display, and AI."

The company's financial performance has also been bolstered by its cost-reduction initiatives and operational efficiency improvements.