Applied Materials forecasts first-quarter revenue above estimates

FILE PHOTO: A smartphone with a displayed Applied Materials logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Semiconductor equipment maker Applied Materials on Thursday forecast first-quarter revenue above Wall Street estimates, helped by a recovery in the personal computer market and rising demand for artificial intelligence tools.

The Santa Clara, California-based company expects first-quarter revenue of about $6.47 billion, plus or minus $400 million, compared with analysts' estimates of $6.37 billion, according to LSEG data.

(Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Shounak Dasgupta)