Integrated Device Technology Beats Q2 Views

Integrated Device Technology Inc IDTI beat expectations for the second fiscal quarter and said Monday it sees prospects for further growth.

In the extended session, Integrated Device gained 7 percent recently to $15.04 per share.

The San Jose switching company also said it is "in active discussions with potential buyers" for its data converter business, and broke out results of the unit as a discontinued operation.

Gross profit from continued operations in the recent period grew 15.7 percent while revenue increased 10.7 percent.

The company, which didn't offer an immediate outlook, posted net income from continued operations of $24.2 million, or $0.16 per share, up from $87.4 million or $0.57 per share a year earlier.

Adjusted income rose to $0.20 per share, from $0.12 last year, while revenue grew to $137.1 million, from $124.0 million last year.

Wall Street expected adjusted earnings of $0.18 per share, on revenue of $133.78 million.