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Xilinx Results Raise Hopes for Semis

SAN JOSE, Calif. ( TheStreet) - Xilinx (XLNX - Get Report) shares soared nearly 8% after the chip maker reported better than expected earnings after market close on Wednesday, further raising hopes for an improved semiconductor climate.

The company reported third-quarter earnings of 41 cents per share on $511.1 million in revenue. Wall Street analysts were looking for earnings of 37 cents per share on $500.4 million in revenue. Xilinx noted third quarter revenue was down 10% year-over-year, and 8% quarter-over-quarter.

Xilinx said it expects revenue in the upcoming quarter to be up 2% to 6% sequentially, and gross margins are expected to be between 64% and 65%.

In addition to the earnings release, the Xilinx board of directors also announced a quarterly dividend of 19 cents per share, to be payable on Feb. 29.

Xilinx is soaring in after-hours trading, up 7.1% to $37.80 on 615,000 shares according to Nasdaq.com.

Earnings from Xilinx come hot on the heels of strong results from another chip maker, Linear Technology (LLTC - Get Report). The component specialist provided better-than-expected earnings on Tuesday, indicating that the semiconductor space may be in an uptrend.

Interested in more on Xilinx? See TheStreet Ratings' report card for this stock.

Check out our new tech blog, Tech Trends.

-- Written by Chris Ciaccia in New York

>To follow the writer on Twitter, go to http://twitter.com/commodity_bull.

>To submit a news tip, send an email to: tips@thestreet.com

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