May 17, 2018 / 8:06 PM / 7 months ago

Chip gear maker Applied Materials reports 29 pct rise in revenue

May 17 (Reuters) - Chip gear maker Applied Materials Inc reported a 28.8 percent rise in quarterly revenue on Thursday as the company benefited from chipmakers spending heavily to meet rising demand for memory from smartphone makers.

Net income rose to $1.13 billion, or $1.09 per share, in the second quarter ended April 29, from $824 million , or 76 cents per share, a year earlier.

The world’s largest supplier of chip-making equipment said net sales rose to $4.57 billion from $3.55 billion.

Reporting by Munsif Vengattil in Bengaluru; Editing by Sriraj Kalluvila

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