Why Xilinx (XLNX) Stock Is Plunging in After-Hours Trading Today

NEW YORK (TheStreet) -- Xilinx  (XLNX) plunged in after-hours trading on Tuesday after the chipmaker reported first-quarter earnings that came up well short of analysts' expectations and issued guidance below the consensus estimate.

The company reported earnings per share of 62 cents on revenue of $612.6 million. This edged the consensus EPS estimate of 61 cents but missed the revenue estimate of $631.55 million.

Xilinx expects revenue to be flat to down 4% in the second quarter compared to the first, which equates to a range of $588 million to $612.6 million, well below the consensus estimate of $644.48 million.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

The stock was down 8.62% to $44 at 4:40 p.m.

XLNX Chart XLNX data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

More from Markets

Stocks Trade Lower as Rates Continue Rising; Boeing Holds Gains

Stocks Trade Lower as Rates Continue Rising; Boeing Holds Gains

4 Stocks Making Important Moves Wednesday

4 Stocks Making Important Moves Wednesday

Dow Futures Turn Positive After Boeing Earnings Blowout; Twitter Boosts Nasdaq

Dow Futures Turn Positive After Boeing Earnings Blowout; Twitter Boosts Nasdaq

Facebook, Boeing, Shire and Credit Suisse - 5 Things You Must Know

Facebook, Boeing, Shire and Credit Suisse - 5 Things You Must Know

Facebook Prepares for Earnings and 4 Other Stories You Must Know Wednesday

Facebook Prepares for Earnings and 4 Other Stories You Must Know Wednesday