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Applied Materials reports 28 pct rise in quarterly revenue

Feb 14 (Reuters) - Applied Materials Inc, the world's largest supplier of tools for chipmakers, reported a 28.2 percent rise in first-quarter revenue on Wednesday, driven by higher demand for flat panel displays and chips used in electronic items.

Net income fell to $135 million, or 13 cents per share, in the quarter ended Jan. 28, from $703 million, or 65 cents per share, a year earlier.

The company took a charge of $1 billion due to the recent changes in U.S. tax law.

Net sales rose to $4.20 billion from $3.28 billion. (Reporting by Arjun Panchadar in Bengaluru; Editing by Arun Koyyur)