Source: Rambus.

Technology licensing specialist Rambus (NASDAQ:RMBS) just reported results for the second quarter of 2014. In after-hours trading, Rambus shares fell as much as 4% on the news.

In the second quarter, Rambus saw revenue jump 32% year over year but fall 2% from first-quarter levels, landing at $76.5 million. On the bottom line, adjusted earnings nearly quadrupled over the year-ago period and fell 4% compared with the first quarter, stopping at $0.16 per diluted share.

Rambus signed several large licensing agreements in 2013, throwing year-over-year comparisons off kilter and making sequential contrasts more useful.

Wall Street analysts were expecting earnings of $0.05 per share on sales around $76 million. Rambus crushed the earnings consensus and edged past the Street's revenue projections.

Looking ahead, management set up a guidance range for third-quarter revenue between $68 million and $73 million. Current analyst views point to the very top of that range, while the new guidance midpoint fell 3% below the prevailing Street view.

During this quarter, Rambus paid $172.5 million to close a tranche of 5% convertible debt notes, as these notes reached maturation. The company is left managing $112.3 million in long-term debt instruments. As a result of the debt payment, the balance of cash equivalents and marketable securities dropped 36% year over year and now stands at $247 million.