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What: Shares of EZchip (NASDAQ:EZCH) have jumped today by as much as 13% after the company reported first-quarter earnings.

So what: Revenue in the first quarter totaled $15.3 million, topping the Street's forecast of $15.1 million. Non-GAAP net income per share came in at $0.23, which was right on target with expectations.

Now what: CEO Eli Fruchter said that all NP-4 customers were now in production and are placing orders and additional platforms are in final development stages. After two years of development, the NP-5 platform has taped out and is ready for mass production, which Fruchter called a "major milestone." EZchip is shifting from a royalty-based model and will sell network processors directly to customers.

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