NEW YORK (TheStreet) -- Shares of Spansion (CODE) were gaining 19.6% to $19.77 Friday after the company met analysts' estimates for earnings in the third quarter.

The chipmaker reported earnings of 27 cents a share for the third quarter, in-line with the 27 cents a share analysts surveyed by Thomson Reuters expected. Revenue grew 15.5% year over year to $315.93 million for the quarter, missing analysts' estimates of $325.04 million for the quarter.

"We executed well in the third quarter with gross margins, EPS and cash flow from operations exceeding our estimates," Spansion CEO John Kispert said in a statement. "Our product innovation and customer acceptance of newer products is accelerating with strong demand in flash, microcontroller, analog and system-on-chip solutions."

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TheStreet Ratings team rates SPANSION INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate SPANSION INC (CODE) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and feeble growth in the company's earnings per share."

You can view the full analysis from the report here: CODE Ratings Report

CODE data by YCharts

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