Shares of MACOM Technology Solutions (NASDAQ:MTSI) jumped on Wednesday, rising about 16% as of 12:40 p.m. EST.
The stock's gain follows MACOM's fiscal first-quarter update, which featured better-than-expected revenue and earnings per share. In addition, investors were likely pleased with the semiconductor company's outlook for fiscal Q2.
MACOM reported fiscal first-quarter revenue of $119.1 million. While this was down 21% from the year-ago period, the average analyst forecast called for revenue of $114.5 million. The tech company also beat expectations for its non-GAAP (adjusted) earnings per share. Adjusted EPS was $0.07, beating a consensus estimate of $0.03.
The quarter marked "a solid start" to the fiscal year, CEO Stephen Daly said. "Our new organization and engineering leadership is having a positive impact on product development," Daly added.
Looking to fiscal Q2, management said it expects revenue between $122 million and $126 million and adjusted EPS between $0.09 and $0.13. This compares with analysts' average forecast for revenue and adjusted EPS of $116.7 million and $0.05, respectively.