NEW YORK (TheStreet) -- Himax Technologies (HIMX - Get Report) shares are up by 7.10% to $7.24 in early afternoon trading on Friday, following the release of the fabless semiconductor solutions provider's 2015 second quarter earnings results.

The Taiwan-based company reported second quarter earnings of 5 cents per share on revenue that fell 13.8% year over year to $169.2 million.

Analysts on average were expecting Himax Technologies to report earnings of 5 cents per share on revenue of $173.62 million.

For the current quarter the company expects to earn between 1 cent and 1.6 cents per diluted share versus analysts 7 cents per share expectations for the period.

"We are pleased to report that our 2015 second quarter revenue, gross margin, GAAP and non-GAAP earnings per diluted ADS all met at the high end or exceeded our guidance for the quarter," CEO Jordan Wu said in a statement.

"During our first quarter 2015 earnings call, we mentioned the industry's low visibility, especially in China's smartphone market. Yet, we were able to arrive at top end of our revenue guidance and beat EPS guidance because our driver IC business came in better than expected across all applications," Wu continued.

Separately, TheStreet Ratings team rates HIMAX TECHNOLOGIES INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate HIMAX TECHNOLOGIES INC (HIMX) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income."

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