Shares of Xilinx (NASDAQ:XLNX) jumped on Thursday after the fast-growing chip company reported strong third-quarter results. Both revenue and earnings came in ahead of analyst expectations, and Xilinx provided better-than-expected guidance. The stock was up about 17.5% at 12:45 p.m. EST.
Xilinx reported third-quarter revenue of $800 million, up 34% year over year and about $29.6 million higher than the average analyst estimate. Data center and test, measurement, and emulation revenue grew 14% year over year, while communications revenue soared 41%.
Non-GAAP earnings per share came in at $0.92, up from $0.65 in the prior-year period and $0.07 better than analysts were expecting. Operating cash flow surged to $314 million, up 70% year over year.
On top of beating expectations for the third quarter, Xilinx's fourth-quarter guidance was ahead of analyst estimates. The company expects revenue between $815 million and $835 million in the fourth quarter, well ahead of the $776.2 million analysts were expecting. Based on Xilinx's margin guidance and using the current diluted share count, non-GAAP EPS is expected to be around $0.96.
"I am very excited to report yet another record revenue and earnings quarter...We continue to execute to our strategy and drive growth across our portfolio," said Xilinx CEO Victor Peng.