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EARNINGS-Applied Materials beats quarterly revenue estimates

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Applied Materials topped Wall Street estimates for fourth-quarter revenue on Thursday, as the chip gear maker's semiconductor business benefited from higher demand for processor chips, sending shares up 4% in extended trading.

Nov 14 (Reuters) - Applied Materials AMAT.O topped Wall Street estimates for fourth-quarter revenue on Thursday, as the chip gear maker's semiconductor business benefited from higher demand for processor chips, sending shares up 4% in extended trading.

Revenue fell 0.1% to $3.75 billion for the quarter ended Oct. 27, but beat analysts' estimates of $3.68 billion, according to IBES data from Refinitiv.

Net income fell to $698 million, or 75 cents per share, from $757 million, or 77 cents per share, a year ago.

(Reporting by Ayanti Bera in Bengaluru; Editing by Amy Caren Daniel)

((Ayanti.Bera@thomsonreuters.com; within U.S.+1 646 223 8780, outside U.S. +91 80 6749 0341;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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