Applied Materials Revenue Rises 9.9%

Applied Materials Inc (NASDAQ:AMAT) reported a 9.9% rise in quarterly revenue as chipmakers spent more on technology used to make smartphones and memory chips.

Net income rose to $329 million, or 27 cents per share, in the third quarter ended July 26, from $301 million, or 24 cents per share, a year earlier.

Net sales rose to $2.49 billion from $2.27 billion.

(Reporting By Arathy S Nair and Kshitiz Goliya in Bengaluru; Editing by Don Sebastian)