Applied Materials
Q1 2023 Earnings Call
Feb 16, 2023, 4:30 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome to the Applied Materials earnings conference call. [Operator instructions] I would now like to turn the conference over to Michael Sullivan, corporate vice president. Please go ahead, sir.
Mike Sullivan -- Corporate Vice President
Good afternoon, everyone, and thank you for joining Applied's first 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-K 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. Later this month, Applied Materials is participating in the SPIE Advanced Lithography and Patterning Conference.
For those who aren't traveling to San Jose for the conference, we plan to hold a new product launch event on our IR website on Tuesday, February 28th, at 9:00 a.m. Pacific Time. We hope you'll join us. And with that introduction, I'd like to turn the call over to Gary Dickerson.
Gary Dickerson -- President and Chief Executive Officer
Thank you, Mike. Applied Materials executed well in our first fiscal quarter, delivering results toward the high end of our guidance range. We also grew our backlog for the ninth consecutive quarter. Going forward, we expect backlog to start declining as we move through 2023.
Overall, we are making good progress closing our supply versus demand gap. However, very recently, one of our major suppliers encountered a disruption that will impact our second quarter shipments. Brice will provide more details about this when he shares our guidance. In my prepared remarks, I will cover three main topics: our current outlook for 2023; our longer-term growth thesis for the industry and how Applied is positioned to grow faster than our markets overall; and finally, a brief overview of the investments we are making to productively scale the company and accelerate our customers' road maps.