Image source: Mellanox.

What: Shares of Mellanox Technologies (NASDAQ:MLNX) have gotten crushed today, down by 13% as of noon E.T., after the company reported first-quarter earnings.

So what: Revenue in the first quarter hit a record $196.8 million, up 11% year over year. Non-GAAP net income came in at $39.3 million, or $0.81 per share. Both figures topped analyst expectations of $192.5 million in sales and $0.75 per share in adjusted profit. However, guidance left a little to be desired. Mellanox expects second-quarter revenue to be in the range of $210 million to $215 million, shy of the $216.8 million consensus estimate for the coming quarter.

Now what: During the quarter, Mellanox also closed its acquisition of EZchip Semiconductor, and CEO Eyal Waldman said the deal should translate into "compelling value to current and future customers." The Ethernet business continues to grow, thanks to adoption of the company's 40 Gigabit Ethernet adaptors. Adjusted gross margin in the second quarter should be between 71% and 72%, but non-GAAP operating expenses are expected to rise by 8% to 10%, which could put pressure on profitability.