Shares of Maxim Integrated Products Inc. MXIM spiked higher by more than 6 percent on Friday following the company's second quarter results which were released after Thursday's market close.
Maxim Integrated earned $0.32 per share on revenue of $511 million during the second quarter. Wall Street analysts were expecting the company to earn $0.32 per share on revenue of $505.1 million.
Maxim Integrated also issued guidance and expects to earn $0.35 to $0.41 per share in its third quarter on revenue of $535 to $575 million.
Tunc Doluca, President and Chief Executive Officer, commented, "Our second quarter financial performance was in line with our expectations, and we achieved several milestones in our $180 million cost reduction plan."
Doluca continued, "In our March quarter, we expect continued growth in Automotive, a sequential increase in our Communications & Data Center and Consumer businesses and a seasonal uptick in Industrial. Long term, Maxim's strong technology franchise in power management positions us well for growth."
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
