Applied Materials (NASDAQ:AMAT) is a California-based company that is engaged in the provision of manufacturing equipment, services, and software to the semiconductor, display, and related industries. Shares of this tech stock rose 6.5% week-over-week as of close on Thursday, November 16. Meanwhile, the tech stock has shot up 60% so far in 2023.
This stock recently shot up following the release of its fourth quarter (Q4) and full year fiscal 2023 earnings. In Q4 2023, Applied Materials delivered total revenues of $6.72 billion, which was flat in the year-over-year period. Meanwhile, quarterly GAAP earnings per share (EPS) was reported at $2.38 and non-GAAP EPS was reported at $2.12 – up 29% and 4%, respectively, compared to the previous year. Indeed, its GAAP EPS was a quarterly record for Applied Materials.
On an annual basis, Applied Materials delivered revenues of $26.52 billion. That was up 3% compared to the full year in fiscal 2022. Moreover, annual GAAP EPS was reported at $8.11 and non-GAAP EPS at $8.05 – up 9% and 5%, respectively, compared to the previous full year.
These strong earnings have spurred momentum for Applied Materials stock. However, investors might need to prepare for turbulence. On the night of Thursday, November 16, it was reported that Applied Materials was under a United States criminal probe for shipments to China’s top chipmaker; SMIC. This development will be well worth monitoring as the semiconductor competition between the US and China heats up in the 2020s.