Applied Materials aims to double revenue in the coming years

(AWP Alliance News) - Applied Materials Inc on Monday said artificial intelligence will help the company double its revenue in the next few years, Bloomberg reported Monday.

The Santa Clara, California-based materials engineering solutions company supplies equipment for semiconductor manufacturing.

Applied Materials expect to double revenue without a commensurate increase in hiring as the company increases its reliance on AI for product development and quality control, Bloomberg said.

"As we double the size of the company over the next few years, we're not going to be doubling headcount," Chief Executive Officer Gary Dickerson explained in an interview.

The Bloomberg report said the company currently employs around 38,900 employees as of late July.

Shares in Applied Materials closed down 1.9% at USD497.53 each in New York in Monday before falling 0.5% after hours

By Elijah Dale, Alliance News senior reporter Asia-Pacific

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