Rambus (RMBS) Reports Double-Digit Sales Growth

NEW YORK (TheStreet) -- Rambus (RMBS) reported better-than-expected sales growth in its first quarter, posting a 17% increase in revenue year over year.

Over the three months to March, the tech company recorded adjusted net income of 7 cents a share and revenue of $78.3 million. The revenue increase was primarily due to increased sales to Micron Technology (MU) and a new license agreement signed with Nanya Technology Corporation

For its second quarter ending June, the company expects revenue between $69 million and $74 million. Analysts surveyed by Thomson Reuters had forecast revenue of $74.5 million. 

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

"We rate RAMBUS INC (RMBS) 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 impressive record of earnings per share growth. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."

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