India, Aug. 13 -- Applied Materials, Inc. (AMAT) reported on Thursday a 43% increase in third-quarter profit, driven by strong demand for semiconductor manufacturing equipment fueled by artificial intelligence.
Net income rose to $2.54 billion, or $3.17 per share, from $1.78 billion, or $2.22 per share, in the prior-year quarter. On an adjusted basis, net income rose to $2.80 billion, or $3.50 per share, from $1.99 billion, or $2.48 per share, last year.
For the quarter, the company reported revenue of $9.12 billion, up 25% from $7.30 billion a year earlier. Gross margin improved to 50.3% from 48.8%.
"Applied Materials delivered another record-breaking quarter, including the highest sequential revenue growth in the company's history," sa...