Applied Materials cuts Q4 revenue guide ~$400M on new China export rules; discloses subpoena

APPLIED MATERIALS INC /DE

Q4 revenue outlook lowered to ~$6.4B from prior ~$6.65B; $400M reduction due to US export regulations on China.
Non-GAAP EPS revised to $1.54-$1.78 from $1.82-$2.18; includes ~$0.23 inventory/remanufacturing charges.
Fiscal Q1 2023 expected to see similar net sales impact from the new regulations.
Subpoena from US Attorney's Office (MA) regarding certain China customer shipments; company cooperating.
Pursuing additional export licenses and authorizations where needed.

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