Image source: Rambus.

Shares of Rambus (NASDAQ:RMBS) fell 7.2% in after-hours trading, following the release of first-quarter results.

In the first quarter, the developer and licensor of technology patents reported revenue of $78.3 million, a 17% year over year increase. Sales were helped by new license deal signed with three memory chip producers over the past year, and hampered by lower royalty payments from another large player in the memory industry.

The company saw non-GAAP earnings almost double to $0.17 per share.

Operating expenses declined 17% year over year, helped by lower litigation costs and hampered by restructuring charges.

Analysts were looking for adjusted earnings of $0.03 per share on roughly $72.5 million in sales. Rambus exceeded these estimates. However, the revenue guidance range for the next quarter fell below the $74.5 million Street view, setting the midpoint at $71.5 million.

Coming into the report, Rambus shares had more than doubled over the previous 52 weeks. If the after-hours prices hold overnight, Rambus shares will have gained 89% in a year when the market opens on Tuesday.