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Chip gear maker Applied Materials' revenue beats estimates

May 16 (Reuters) - U.S. chip gear maker Applied Materials Inc reported quarterly revenue that beat Wall Street estimates on Thursday, easing some concerns about slowing semiconductor demand.

Net sales fell 22.7% to $3.54 billion, but were above analysts' estimates of $3.48 billion, according to IBES data from Refinitiv.

The company's adjusted net income fell to $660 million, or 70 cents per share, in the second quarter ended April 28 from $1.24 billion, or $1.19 per share, a year earlier. (Reporting by Shariq Khan in Bengaluru; Editing by Anil D'Silva)