Chip gear maker Applied Materials forecasts second-quarter revenue above estimates

Applied Materials Inc forecast second-quarter revenue above market expectations on Thursday, as demand for its semiconductor manufacturing tools picks up from a pandemic-driven slump.

The chip-gear maker is beginning to benefit from the coronavirus-induced digital transformation and a surge in 5G adoption.

The company expects revenue of $5.39 billion, plus or minus $200 million in the current quarter, above analysts’ expectations of $4.96 billion.