Genesis Microchip's (GNSS) shares were surging late Thursday after the company followed its latest fiscal first-quarter results with upbeat revenue guidance.

For the second quarter, Genesis forecast revenue of $67 million to $72 million and gross margins in the range of 42% to 44%. Wall Street's consensus top-line forecast is $67.3 million.

The stock was jumping $2.63, or 23.5%, to $13.84 in after-hours trading.

The company, a maker of technology that improves image quality for flat-panel displays, digital TVs and DVD players, reported net income of $1.4 million, or 4 cents a share, for the first quarter, down from $2.1 million and 6 cents a share last year.

Excluding items, Genesis would have earned 11 cents in the latest quarter. Total revenue fell to $55.9 million from $59.8 million in the prior year's quarter. Gross margins were 40.5%, unchanged from last year and down from 41.4% in the March quarter. Analysts expected Genesis to break even and have revenue of $57.9 million.

"Our first-quarter results were in line with our expectations," said Elie Antoun, president and CEO of Genesis Microchip. "Looking to our second fiscal quarter, I am pleased that the ramp of our customers' TV designs into production and the growing end-market demand for flat-panel TVs are expected to drive strong growth in revenues and deliver solid improvement to our profitability."