Integrated Device Tech: Fiscal 3Q Earnings Snapshot
SAN JOSE, Calif. (AP) _ Integrated Device Technology Inc. (IDTI) on Monday reported fiscal third-quarter net income of $21.6 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the San Jose, California-based company said it had profit of 16 cents. Earnings, adjusted for one-time gains and costs, were 50 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share.
The chipmaker posted revenue of $240.6 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $236.6 million.
Integrated Device Tech shares have fallen slightly since the beginning of the year. In the final minutes of trading on Monday, shares hit $48.35, a rise of 43 percent in the last 12 months.