NEW YORK (TheStreet) -- Shares of Integrated Device Technology (IDTI) - Get Report were gaining 5.7% to $20.15 after-hours Monday after the mix-signal semiconductor solutions provider beat analysts' estimates for earnings in the fiscal first quarter.
IDT reported earnings of 31 cents a share for the fiscal first quarter, above analysts' estimates of 29 cents a share for the quarter. Revenue grew 27.4% year over year to $160.91 million, compared to analysts' estimates of $160.54 million.
"First quarter fiscal 2016 revenue increased by more than 27% year-over-year, driven primarily by strength in our High Performance Computing and Wireless Power products," President and CEO Greg Waters said in a statement. "We are delivering on our commitment of superior earnings leverage with growth, and are pleased to announce a non-GAAP operating margin of 29.3 percent for the quarter."
Waters continued, "As we look out to the rest of fiscal 2016, we are confident in our ability to meaningfully outgrow the semiconductor market."
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 robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, growth in earnings per share and increase in net income. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."
You can view the full analysis from the report here: IDTI Ratings Report