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%.

Evan Niu, CFA has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.