NEW YORK (TheStreet) -- Shares of Integrated Device Technology (IDTI) - Get Report were gaining 2.4% to $19.09 after-hours Monday after the chipmaker beat analysts' estimates for earnings and revenue in the fiscal third quarter.
Integrated Device Technology reported earnings of 25 cents a share for the fiscal third quarter, beating analysts' estimates of 22 cents a share. Revenue grew 21.3% year over year to $151.2 million for the quarter, above analysts' estimates of $142.68 million.
"We achieved excellent financial results in our third fiscal quarter with revenue up over 10 percent sequentially, and up over 20 percent year-over-year, driven primarily by strength in our High Performance Computing and Communications businesses," president and CEO Greg Waters said. "In particular, we have become the clear leader in the latest generation of DDR4 memory interface, and our SRIO business is benefitting from the continued deployment of 4G LTE base stations on a global basis."
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TheStreet Ratings team rates INTEGRATED DEVICE TECH INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate INTEGRATED DEVICE TECH INC (IDTI) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, solid stock price performance and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
You can view the full analysis from the report here: IDTI Ratings Report
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