Spreadtrum Communications Adding to Recent Gains
Shares of Spreadtrum Communications (NASDAQ: SPRD) are showing strong follow through on Monday after a huge earnings related gap last Friday. The stock is trading up another 6% to $16.38 on increased volume during the trading session. Last Thursday, after the market close, SPRD, a Chinese fabless semiconductor company, released its fiscal Q1 earnings results.
The company reported net income of $24.3 million or $0.47 per ADS, versus $27.5 million or $0.50 per ADS, in last year's corresponding quarter.
On an adjusted basis, net income for the quarter was $29.3 million or $0.57 per ADS, versus $30.4 million or $0.55 per ADS, last year. This compared to Wall Street analysts' consensus EPS estimates of $0.39.
Revenues for the quarter were up 17.5 percent to $161.1 million from $137.1 million in last year's fiscal first-quarter. This compared to Wall Street consensus revenue estimates of $160.11 million.
The company also provided second-quarter revenue guidance which was above Street consensus. Looking ahead to Q2, SPRD sees revenues between $170 million to $175 million. This compares to current consensus estimates of $165.49 million.
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