Applied Materials announces new $10 billion share buyback plan, increases dividend | – #Applied #Materials #announces #billion #share #buyback #plan #increases #dividend

March 13 (Reuters) – Applied Materials ( AMAT.O ), which makes equipment to make chips, said on Monday that its board of directors 10 billion said it approved a dollar share buyback scheme and also increased its quarterly dividend.

Shares of the Santa Clara, California-based company rose more than 1% in pre-bell trading.

Newly approved buyback scheme, remaining 4.7% at the end of Q1 FY2023 billion adds to the previous authorization, the company said.

Applied Materials said its board also approved a 23% increase in its quarterly dividend, its biggest in five years, from 26 cents to 32 cents a share.

The semiconductor industry is facing declining demand for chips used in personal computers and mobile devices, although one bright spot is data center and car demand from sectors is stable.

Last month, Applied Materials, car and forecast quarterly revenue that was well above analysts’ expectations as it benefited from continued demand for tools used to make chips for artificial intelligence industries.

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Applied Materials said its services business has become larger and more subscription-based, helping to make its revenue and profitability more predictable.

Reporting by Akash Sriram in Bengaluru; Edited by Savio D’Souza

Our standards: Thomson Reuters Trust Principles.

2023-03-13 16:19:46
Source – reuters

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