Applied Materials (NASDAQ: AMAT) shares are moving higher Friday morning, up 6.7% through 10:20 a.m. ET after the manufacturer of equipment for semiconductors production reported better-than-expected Q1 2024 sales and earnings last night.

Heading into earnings day, analysts had forecast Applied Materials would earn $1.91 per share on sales of $6.5 billion. Applied beat both targets, reporting more than $6.7 billion in sales and a per-share profit of $2.13.

And this news just keeps getting better. It turns out that "$2.13" was only Applied Materials' non-GAAP earnings. When calculated according to generally accepted accounting principles (GAAP), Applied Materials actually earned $2.41 per share.

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Source Fool.com