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UPDATE 1-Applied Materials' results and forecast top estimates

(Adds details on business segments, shares, analyst estimates)

Nov 16 (Reuters) - Applied Materials Inc reported better-than-expected quarterly results and gave a strong current-quarter forecast as the world's largest supplier of tools to make semiconductors enjoys strong demand in its chip and display businesses.

The company's shares dipped 1.3 percent in trading after the bell on Thursday. Including a 3.7 percent gain in regular hours, they have surged about 79 percent this year, making them the fourth best performer on the Philadelphia semiconductor index .

Applied Materials, whose results are seen as a barometer for the semiconductor industry, has been benefiting from higher demand for 3D NAND memory chips from smartphone makers and the shift to organic light-emitting diode technology for displays.

Revenue from its semiconductor business, the company's largest, rose 14.3 percent to $2.43 billion in the fourth quarter. That beat analysts' estimate of $2.13 billion, according to Thomson Reuters I/B/E/S.

Sales from its display business, which caters to television, PC and smartphone makers, rose nearly 50 percent to $677 million and handily beat analysts estimates of $452 million.

Total net sales rose 20.4 percent to $3.97 billion in the quarter ended Oct. 29.

Net income rose 61 percent to $982 million, or 91 cents per share. Excluding items, the company earned 93 cents per share.

Analysts on an average were expecting the company to report a profit of 91 cents per share and revenue of $3.94 billion. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Savio D'Souza)