Applied Materials Revenue Rises 14.7%

Chip-equipment maker Applied Materials Inc (NASDAQ:AMAT) reported a 14.7 percent rise in quarterly revenue as contract chip manufacturers spend more on technology used to make smartphone and memory chips.

Revenue rose to $2.27 billion in the third quarter ended July 27 from $1.98 billion a year earlier.

Net income rose to $301 million, or 24 cents per share, from $168 million, or 14 cents per share.

Applied Materials supplies chip-making gear to companies such as Samsung Electronics Co Ltd and Taiwan Semiconductor Manufacturing Co Ltd.

(Reporting By Lehar Maan in Bangalore; Editing by Maju Samuel)