Applied Materials Authorizes Additional $10B Buyback, Hikes Quarterly Dividend

Applied Materials, Inc AMAT approved a 23.1% hike in the quarterly cash dividend from $0.26 to $0.32 per share.
The board also approved a new share buyback of an additional $10 billion.
"The dividend increase, our largest in five years, and the new share repurchase authorization reflect our positive long-term view of the semiconductor market and our confidence in Applied's outsized growth opportunities driven by our technology leadership, broad portfolio of differentiated products and strong customer engagements," said Gary Dickerson, President, and CEO.
In February, Applied Materials said fiscal first-quarter revenue increased 7% year-over-year to $6.74 billion, which beat consensus estimates of $6.69 billion.
The chip manufacturing equipment supplier reported quarterly earnings of $2.03 per share, which beat average analyst estimates of $1.93 per share.
Applied Materials generated $2.27 billion in operating cash flow and held $4.05 billion in cash and equivalents as of January 29.
Price Action: AMAT shares traded lower by 0.34% at $114 premarket on the last check Monday.

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