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What: Shares of Micrel (NASDAQ: MCRL) jumped temporarily this morning, up by as much as 10% before giving back nearly all of those gains, following first-quarter earnings.

So what: Revenue in the quarter was $59.7 million, with non-GAAP net income per share of $0.11. The results were mixed relative to expectations, since the Street was modeling for $61.2 million in sales and $0.07 per share in adjusted profit. Investors may have initially rallied at the earnings beat, but cautious comments put a damper on the optimism.

Now what: CEO Ray Zinn acknowledged that the company continues to face macroeconomic challenges, with weakness in the computing and communications end markets. Growth in the consumer end market only partially offset the headwinds. Micrel expects second-quarter sales to increase 2% to 6% sequentially, with gross margin expected in the range of 51% to 52%. Earnings per share should be $0.07 to $0.09, meaning the company will have to hit the high end to match the consensus estimate.

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Fool contributor Evan Niu, CFA has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.