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Applied Materials Shares Rise 6% on Strong Sales

August 18, 2016, 8:14 PM UTC
Applied Materials And Tokyo Electron Joint News Conference On Merger
Gary Dickerson, chief executive officer of Applied Materials Inc., pauses during a news conference in Tokyo, Japan, on Tuesday, Sept. 24, 2013. Applied Materials Inc., the largest supplier of chipmaking equipment, agreed to pay $9.39 billion in stock for rival Tokyo Electron Ltd. and plans to cut costs amid a slump in demand for semiconductors. Photographer: Junko Kimura/Bloomberg via Getty Images
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.