Applied Material Inc. posted another rise in quarterly earnings and a whopping 39% hike in revenue, as the Silicon Valley firm managed to continue its streak of rebounding from a sharp slump that was affecting manufacturers of computer chips everywhere.

The company, which is the largest manufacturer of machines used in the making of semiconductors, managed to return to profitability in the previous period, after three consecutive quarters of losses. On Wednesday, Applied shared that it has managed to benefit mainly in its fiscal first quarter which ended on January 31, as chip makers moved to increase production once again after the global downturn.

For the financial year up-to October, the company predicted that it revenue would grow by over 50%, a substantial rise compared to the earlier forecast of a 30% growth.

For the current quarter, a revenue growth of 15-20% has been projected.

"What a difference a year makes!”, said Michael Splinter, Applied's Chief Executive Officer.