U.S. Markets closed

Chip gear maker Applied Materials' revenue beats estimates

Aug 15 (Reuters) - U.S. chip gear maker Applied Materials Inc's quarterly revenue beat Wall Street estimates on Thursday, benefiting from higher demand in its semiconductor business.

The company's net sales fell 14% to $3.56 billion in the third quarter ended July 28 from $4.16 billion a year ago.

Analysts on average had expected sales of $3.52 billion, according to IBES data from Refinitiv. (Reporting by Ayanti Bera and Sayanti Chakraborty in Bengaluru; Editing by Maju Samuel)