For the first quarter the chipmaker reported earnings of 27 cents a share, beating analysts' estimates of 24 cents a share by 3 cents. Revenue grew 15.2% to $1.13 billion in the quarter, while analysts surveyed by Thomson Reuters expected $1.09 billion in revenue.
Looking to the second quarter Freescale expects revenue of $1.14 billion to $1.2 billion, above the consensus estimate of $1.13 billion.
Freescale separately announced that it hired Dan Durn, former CFO of competitor Globalfoundries, to replace retiring CFO Alan Campbell.Must read: Warren Buffett's 10 Favorite Growth Stocks SELL NOW: If you own any of the 900 stocks that TheStreet Quant Ratings has identified as a 'Sell'...you could potentially lose EVERYTHING in the next 6-12 months. Learn more. "Freescale Semiconductor, Ltd., formerly Freescale Semiconductor Holdings I, Ltd., is a provider of embedded processing solutions. An embedded processing solution is the combination of embedded processors, semiconductor devices and software. The Company's embedded processor products include microcontrollers (MCUs), single- and multi-core microprocessors (MPUs), applications processors and digital signal processors (DSPs). It also offers complementary semiconductor products, including radio frequency (RF), power management, analog, mixed-signal devices and sensors. Freescale sells its products directly to original equipment manufacturers (OEMs), distributors, original design manufacturers and contract manufacturers." STOCKS TO BUY: TheStreet's Stocks Under $10 has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.