NEW YORK (TheStreet) -- Shares of Xilinx (XLNX) - Get Report are climbing 2.47% to $51.07 on heavy trading volume late Thursday afternoon after the San Jose, CA-based company reported 2017 first quarter results that topped analysts' expectations.

After yesterday's market close, the programmable chip maker reported adjusted earnings of 61 cents per share, beating analysts' estimates of 55 cents per share. 

Revenue rose 4.7% year-over-year to $575 million and topped analysts' projections of $571 million.

The results were driven in part by strong sales of Xilinx's 28-nanometer and 20-nanometer products, CEO Moshe Gavrielov said in a statement. 

About 4.4 million shares of Xilinx have been traded so far today, well above its average trading volume of roughly 1.95 million shares per day. 

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of A-.

Xilinx's strengths such as its increase in net income, revenue growth, solid stock price performance, expanding profit margins and growth in earnings per share. We feel its strengths outweigh the fact that the company shows weak operating cash flow.

You can view the full analysis from the report here: XLNX

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

Image placeholder title