After Hours: XLNX Up 9%; TQNT Down 14% on Foxconn Shortfall
More of what’s going on in tech earnings this evening: Programmable chip maker Xilinx (XLNX) this afternoon reported fiscal Q4 results that easily beat consensus, reporting $559 million, up 9%, year over year, and 49 cents a share versus the average estimate of $531.6 million and 51 cents. For Q1, the company sees revenue rising [...]

More of what’s going on in tech earnings this evening:

Programmable chip maker Xilinx (XLNX) this afternoon reported fiscal Q4 results that easily beat consensus, reporting $559 million, up 9%, year over year, and 49 cents a share versus the average estimate of $531.6 million and 51 cents.

For Q1, the company sees revenue rising 1% to 5% from Q4′s level, which would equate to $565 million to $587 million, easily beating the average $556 million estimate. CEO Moshe Gavrielov said Xilinx continues to enjoy “design win momentum” for its 40-nanometer and 28-nanometer chip designs.

The shares rose $2.70, or almost 8%, at $37.03 in late trading.

The Xilinx report is in contrast to weaker-than-expected results last thursday from competitor Altera (ALTR), which missed Q1 revenue and EPS estimates, and offered a weaker-than-expected forecast, sending its shares sliding.

Shares of wireless chip vendor TriQuint Semiconductor (TQNT) are down 75 cents, or almost 14%, at $4.77, after the company this afternoon reported Q1 results that were more or less in line but forecast this quarter’s results well below consensus and said it expects to return to a normal revenue level later this year.

Revenue in the three months ended in March fell 3%, year over year, and fell 5% from Q4′s level, to $216.7 million, yielding EPS of 2 cents a share. Analysts had been modeling $214.5 million and 2 cents a share.

CEO Ralph Quinsey remarked that while the company saw improvement in the networking infrastructure equipment market it serves, with its revenue rising 10% in that segment from Q4′s level. However, “We anticipate a challenging second quarter in the mobile devices market, specifically with our largest customer.”

This quarter, The company sees revenue of $170 million to $185 million, and a net loss per share of 10 cents to 15 cents compared to the consensus for $223.5 million and 5 cents a share.

That single large customer, as Quinsey pointed out on a conference call following the report, is Chinese contract manufacturer Foxconn, which made up 37% of revenue in the quarter :

The Q2 revenue reduction is largely driven by lower demand from our largest customer, Foxconn. The lower revenue will reduce utilization and our factories causing lower gross margin. I believe the Q2 demand is temporary and I expect to return to more normal revenue levels in Q3.

The smartphone market for the company’s chips remains remains healthy, management said, despite the shortfall at Foxconn:

Our cellular revenue growth independent of our largest customer did quite well in Q1 where typically Q1 is seasonally down, 10 to 15%, cellular revenue was up 8% sequentially. Just to be clear, our combined 2 G, 3G, and 40 revenue from customers excluding Foxconn was up nicely in what is normally a down quarter.

The report and the stock reaction stands in contrast to that of competitor RF Micro Devices (RFMD) last night, which beat fiscal Q4 estimates and saw its stock rise almost 9% Wednesday.


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