Applied Materials revenue rises

Applied Materials revenue rises 14.7%

Chip equipment maker Applied Materials Inc reported a 14.7% 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.