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Top chip gear-maker Applied Materials posted fiscal third-quarter revenue of $2.34-billion (U.S.), down from $2.79-billion in the year-ago period, after warning recently of a drop in orders from semiconductor makers worried about the economy.

Applied Materials said net income for the quarter ended in July was $218-million, or 17 cents a share, versus $476-million, or 36 cents a share, in the same quarter last year.

Applied Materials in early July slashed its full-year targets due to a sudden decline in orders from chipmakers.

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The Santa Clara, Calif., company said on Wednesday it expects current, fourth-quarter revenue to be 25 per cent to 40 per cent lower than in the third quarter. The midpoint of that range is about $1.58-billion.

Analysts had expected third-quarter revenue of $2.32-billion and fourth-quarter revenue of $1.94-billion, according to Thomson Reuters I/B/E/S.

Non-GAAP earnings per share in the third quarter were 24 cents. Analysts on average expected 22 cents.

Applied Materials's stock fell 3.30 per cent to $11.41 after closing up 0.77 per cent on Nasdaq.

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