| | | Xilinx stock rises on better-than-expected results
Published: Oct. 21, 2020 at 4:28 p.m. ET
By Wallace Witkowski
Xilinx Inc. (XLNX) shares rose in the extended session Wednesday after the chip maker reported better-than-expected quarterly results. Xilinx shares gained 2.9% after hours, following a 3% decline in the regular session to close at $111.30. The company reported fiscal second-quarter net income of $193.8 million, or 79 cents a share, compared with $227 million, or 89 cents a share, in the year-ago period. Adjusted earnings were 82 cents a share. Revenue declined to $766.5 million from $833.4 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 72 cents a share on revenue of $756.7 million. Xilinx expects fiscal third-quarter revenue of $750 million to $800 million, while analysts had forecast revenue of $774.2 million.
WHAT TO WATCH: AMD-XILINX TIE-UP: The Wall Street Journal reported early in October that Advanced Micro Devices Inc. is in advanced talks to buy the rival chip maker in a deal that could be valued at more than $30 billion.
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The deal "brings the risk of distraction," Bernstein analysts said. However, the deal could also bring some scale around product and platform, as well as some diversification, UBS analysts said. |
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