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Applied Materials Shares Rise 6% on Strong Sales

Applied Materials And Tokyo Electron Joint News Conference On MergerApplied Materials And Tokyo Electron Joint News Conference On Merger
Gary Dickerson, chief executive officer of Applied Materials Inc.Bloomberg Bloomberg via Getty Images

(Reuters) – Applied Materials, the world’s largest supplier of tools used to make semiconductors, reported a 13.3% rise in revenue, buoyed by demand from memory and smartphone chipmakers.

The company’s net income rose to $505 million, or 46 cents per share, in the third quarter ended July 31, from $329 million, or 27 cents per share, a year earlier.

Net sales rose to $2.82 billion from $2.49 billion.

Shares in Applied Materials (AMAT) rose 5.78% in after hours trading on Thursday.