India, Nov. 12 -- Applied Materials, Inc. (AMAT), a provider of materials engineering solutions for the semiconductor industry, reported a sharp increase in profit for the fourth quarter, driven largely by strong demand for semiconductor manufacturing equipment amid growing investment in AI-related technologies.
Fourth-quarter net income rose to $2.72 billion, or $3.40 per share, from $1.90 billion, or $2.38 per share, in the year-ago quarter. Revenue surged 53% to a record $10.41 billion from $6.80 billion.
Gross margin for the quarter improved to 50.4% from 48.0%.
googletag.cmd.push(function() { googletag.display('div-gpt-ad-1568189509843-0'); });
On an adjusted basis, earnings increased to $4.16 per share from $2.17 last year.
Looki...