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Image source: Linear Technology.

Shares of Linear Technology Corporation (NASDAQ:LLTC) fell nearly 2% in after-hours trading, following the release of the analog chip maker's third-quarter results.

Revenues increased 11% year over year to $348 million. GAAP earnings grew 4.3% to $0.48 per share.

The results missed the Street's revenue view by $2 million and matched the earnings consensus.

Linear Technologies enjoyed a 21% tax rate this quarter compared with 25% in the second quarter, thanks to tax liability reserves that were released as their auditable periods expired. Similar audit expirations plus a federal R&D tax credit led to a minuscule 12.75% tax rate in the third quarter of 2013.

CEO Lothar Maier noted that order bookings exceeded billed deliveries this quarter, which points to growing revenues in future quarters. "Bookings increased sequentially in all of our major markets, with the automotive, industrial and communications markets showing the most gains," Maier said in a prepared statement.

Driven by the growing order bookings, Linear Technologies expects revenues to increase between 2% and 6% in the next quarter. Analysts are currently hoping for $365 million in fourth-quarter revenues, which works out to 5% sequential growth.

The stock set brand new multi-year highs earlier this month. Including the weak after-hours price action, Linear Technologies is still trading 26% higher over the last 52 weeks.

Anders Bylund has no position in any stocks mentioned. The Motley Fool recommends Linear Technology. Try any of our Foolish newsletter services free for 30 days.

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