Why Xilinx Shares Are Rising Today

Xilinx Inc XLNX is trading higher Thursday after the company announced its fiscal third-quarter financial results. 

Xilinx reported quarterly earnings of $1.29 per share, up from 78 cents year-over-year. The company reported quarterly revenue of $1.01 billion, up from $803.4 million year-over-year, representing 26% growth. 

"Xilinx achieved another record quarter and surpassed $1 billion in quarterly sales for the first time in the company’s history," said Victor Peng, president and CEO of Xilinx. "While we were unable to fully satisfy customer needs, our results demonstrate our team’s relentless focus and execution in supporting our customers as well as possible given the extremely tight supply conditions."

The stock is also trading higher following reports that China conditionally approved the company's merger with Advanced Micro Devices Inc AMD.

According to a Reuters report, China's State Administration for Market Regulation said via public notice that it will approve the deal if AMD and Xilinx do not force tie-in sales of products or discriminate against customers that buy one set of products but not another.

Xilinx makes chips that are critical for the performance of various devices in the communications, data processing, industrial, consumer and automotive markets.

See Also: Why Intel Shares Are Trading Lower Today

XLNX Price Action: Xilinx has traded as low as $111.84 and as high as $239.79 over a 52-week period.

The stock was up 8.14% at $189.87 at time of publication.

Photo: courtesy of Xilinx.

Posted In: Victor Pengwhy it's movingEarningsM&ANewsMoversTrading Ideas

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