Applied Materials forecasts fourth-quarter revenue above estimates

Aug 18 (Reuters) – Semiconductor equipment maker Applied Materials Inc (AMAT.O) forecast fourth-quarter revenue above market estimates on Thursday as chipmakers scale up output to plug a supply shortage that has hobbled sectors across the economy.

Chipmakers have been flooding Applied Materials – the largest maker of semiconductor equipment – with orders to expand capacity as they try to ease an industry-wide supply crunch.

While cracks have emerged in demand from chipmakers focused on smartphones and PCs as inflation hits consumer spending, the data center, industrial and automotive markets remain robust.

The company forecast current-quarter revenue of $6.65 billion, plus or minus $400 million, compared with analysts’ average estimate of $6.57 billion, according to Refinitiv IBES data.

Revenue for the quarter ended July 31 was $6.52 billion, more than expectations of $6.28 billion.

Reporting by Chavi Mehta and Tiyashi Datta in Bengaluru; Editing by Aditya Soni

Our Standards: The Thomson Reuters Trust Principles.

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