Bloomberg News

Shares of Analog Devices (ADI - Get Report)   rose $1.87 to $101.75 Wednesday after the semiconductor maker beat Wall Street's second-quarter earnings and revenue expectations.

Analog Devices also issued guidance below expectations due to government restrictions on what it called "a large communications company."

The Norwood, Massachusetts-based company reported net income of $367.9 million, or 98 cents a share. Adjusted earnings were $1.36 a share on revenue of $1.53 billion. Analysts were calling for earnings of $1.31 a share on revenue of $1.5 billion.

Last year Analog Devices reported second-quarter net income of $400.3 million and adjusted earnings of $1.06 a share.

For the third quarter, the company forecast revenue of roughly $1.4 billion to $1.5 billion and earnings ranging from $1.15 to $1.29 a share. Analysts had forecast adjusted earnings of $1.38 a share and revenue of $1.55 billion.

Analog Devices said its third-quarter guidance takes into account the estimated impact of the government's recently announced export restrictions on "a large communications company." 

"At this time, we have ceased shipments of products to that company, and we are currently reviewing our ability to resume shipments under the recently announced temporary general license," the company said in a statement.

Analog Devices didn't name the "large communications company," but the U.S. Commerce Department recently added Huawei Technologies and dozens of its affiliates to an "Entity List" that would greatly restrict its ability to buy components from U.S. companies.

"The world around us remains volatile and uncertain," said Vincent Roche, president and CEO, "but when I take a step back and look past the geopolitical noise, I am confident that the macrotrends propelling our markets forward are creating unprecedented demand for the technologies we provide. We remain well-positioned to continue to deliver sustainable profitable growth and strong shareholder returns over the long-term."