Mips Technologies Posts Huge Gains On Tuesday (MIPS)

MIPS Technologies

had a gigantic run up during Tuesday's trading session. The stock surged 32.58% to close at $14.12 after releasing better than expected earnings on Monday evening. The company reported first-quarter non-GAAP net income of $0.17 per share compared to $0.06 per share in the year ago period. This crushed Wall Street EPS estimates of $0.08. Revenue for the quarter was $23.3 million versus $12.6 million in last year's fiscal first quarter. This easily exceeded analysts' estimates which were set at $17.82 million.