Applied Materials Inc forecast third-quarter sales above analysts' estimates on Thursday, betting on sustained demand for its semiconductor manufacturing tools against the backdrop of a global chip shortage and efforts in several countries to subsidize chip factories.

The company's shares rose 1.5% in extended trading.

Applied Materials got a boost from a pick up in demand for laptops, PCs and gaming consoles across the world during the pandemic, as people began to lean more on technologies for virtual interaction.

The company expects current-quarter net sales of $5.92 billion, plus or minus $200 million, compared with estimates of $5.54 billion, according to IBES data from Refinitiv.

Quarterly net sales rose to $5.58 billion from $3.96 billion, compared with estimates of $5.41 billion.

Net income rose to $1.33 billion, or $1.43 per share, in the quarter, compared with $755 million, or 82 cents per share, a year earlier.

  - Reuters