Applied Materials (AMAT) Q2 2023 Earnings Call Transcript

For the period ending April 30, 2022

May 18, 2023 4:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to the Applied Materials Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, you will be invited to participate in a question-and-answer session.

I would now like to turn the conference over to Michael Sullivan, Corporate Vice President. Please go ahead, sir.

Michael Sullivan - Corporate Vice President

Good afternoon, everyone, and thank you for joining Applied's second quarter of fiscal 2023 earnings call. Joining me are Gary Dickerson, our President and CEO, and Brice Hill, our Chief Financial Officer.

Before we begin, I'd like to remind you that today's call contains forward-looking statements which are subject to risks and uncertainties that could cause our actual results to differ. Information concerning the risks and uncertainties is contained in Applied's most recent Form 10-Q filing with the SEC. Today's call also includes non-GAAP financial measures. Reconciliations to GAAP measures are found in today's earnings press release and in our quarterly earnings materials, which are available on the IR page of our website at appliedmaterials.com.

Before we begin, I have a calendar announcement. On July 11th, Applied plans to host a Semicon West technology breakfast from 7:30 to 9.00 a.m., Pacific Time. We plan to announce a major new platform and lead a heterogeneous integration panel featuring executives from AMD, Intel and Qualcomm along with Besi and the EV Group. You can register by visiting the events page of our IR website. There won't be a webcast, so we hope you'll join us in San Francisco.

And with that introduction, I'd like to turn the call over to Gary Dickerson.

Gary Dickerson - President and CEO

Thank you, Mike. Applied Materials delivered strong results in our second fiscal quarter, with revenues in the high-end of our guidance range. Across the business our teams are executing well, successfully managing a dynamic near-term environment, making progress with our longer-term strategic initiatives, and introducing enabling new products and solutions for our customers.

Despite macro headwinds, our outlook remains favorable, and we expect to outperform our markets in 2023 thanks to our balanced market exposure, our strong position at key technology inflections which is driving demand for our differentiated products, especially in metal deposition, CVD, etch, implant, thermal processing, and ebeam, and our growing service business which is increasingly subscription-based.