Shares Of Maxim Higher After Q2 Release
Shares of Maxim Integrated Products Inc. (NASDAQ: 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."
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