Shares of semiconductor maker Xilinx (XLNX - Get Report) were down sharply Thursday after the company reported fourth-quarter revenue that topped analysts' estimates while earnings matched expectations.
The San Jose-based company reported earnings of 94 cents per share on revenue of $828.4 million. Analysts polled by FactSet were expecting the company to report earnings of 94 cents on revenue of $826.9 million.
For the current quarter, the company expects revenue to range between $835 million and $865 million, with a midpoint that is ahead of analysts' estimates of $841.3 million.
"Fiscal year 2019 was truly an exceptional year for Xilinx. For the year, we exceeded $3 billion in annual revenues for the first time and posted 24% growth from last year, driven by Advanced Product revenues which grew 40% year over year. In addition, we demonstrated strong profitability by posting over 30% growth in both non-GAAP operating income and non-GAAP diluted earnings per share," CEO Victor Peng said.
Separately, the company announced that it wasacquiring networking solutions company Solarflare Communications.
While the company said that it expects the acquisition to close in the second quarter of fiscal 2020, it didn't provide a price for the transaction.
Investment firms were mixed following the release.
Analysts at Deutsche Bank lowered its price target to $120 from $125 while maintaining a hold rating. Goldman Sachs downgraded the stock to neutral from buy with a $122 price target.
Meanwhile Credit Suisse raised its price target to $135 from $110 and Jefferies maintained its buy rating and $156 price target.
Xilinx shares fell 15.9% to $117.47 in trading Thursday.