XILINX, THE world’s largest maker of programmable semiconductors, gained the most in six months in Nasdaq trading after raising its revenue forecast for its fiscal second quarter.
Sales in the period ending this month will rise 10 per cent from the first quarter after demand picked up in “nearly all end markets and geographies,” the US company said in a statement. In July, the company projected an increase of as much as 6 per cent.
The forecast indicates revenue of about $413.9 million (€280 million) for this quarter, beating analysts’ estimates.
Telecommunications companies use Xilinx chips in base stations, the transmitter towers that connect wireless devices, making it a bellwether for the industry. Xilinx rose $1.15, or 5.1 percent, to $23.87 by mid-morning New York time on the Nasdaq Stock Market.
It earlier jumped as high as $24.47 for the biggest intraday gain since March 4th.
Shares of the company, which decided to cut about 200 jobs in April, had climbed 27 percent this year before today.
130 of those job cuts came from its Irish operations. Xilinx has invested over €125 million in its Irish operations since 1995 and it is its headquarters for Europe, the Middle East and Africa (Emea),
Analysts on average projected sales of $392.5 million for this quarter, according to a Bloomberg survey. Sales in the year-earlier period were $483.5 million. - (Bloomberg)
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