What: Shares of semiconductor specialist Xilinx (NASDAQ:XLNX) soared today, up by 10% as of 11:30 am ET, after the company reported better-than-expected earnings for its fiscal third quarter.
So what: Revenue rose 7% sequentially to $566 million, although that was down 5% year over year. Net income added up to $131 million, or $0.49 per share. The bottom line was right on target with Street expectations, but the top line easily beat the $554 million consensus estimate. Gross margin was 68.5%.
Now what: CEO Moshe Gavrielov said that new products drove the strong results, particularly 7-series and UltraScale products. Those product families each hit new sales records during the quarter and were strong across a broad range of markets. Xilinx also announced a cash dividend of $0.31 per share. For the coming quarter, Xilinx expects revenue to be roughly flat sequentially, and gross margin should also be in the same ballpark of 68% to 69%.