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What: Shares of Freescale Semiconductor (UNKNOWN:FSL.DL) have popped today by as much as 21% after the company reported earnings with strong guidance.

So what: Revenue in the fourth quarter was $957 million, resulting in an adjusted net loss of $0.15 per share. Both figures handily bet the Street's expectations of $940 million in revenue and an adjusted loss of $0.17 per share. On a GAAP basis, the company's net loss was $0.14 per share.

Now what: Outlook for the current quarter also bested forecasts. Freescale expects net sales to be in the range of $945 million to $985 million, with gross margins expanding 75 basis points to 100 basis points sequentially. The results suggest that conditions in the broader semiconductor market may be improving.

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