NEW YORK (TheStreet) -- Shares of Integrated Device Technology (IDTI) were jumping 11.52% to $23.09 on heavy trading volume late Tuesday morning after the company reported better-than-expected earnings for the 2017 fiscal second quarter.
After yesterday's market close, the San Jose, CA-based semiconductor company posted adjusted earnings of 34 cents per diluted share, topping analysts' estimates by one cent.
Revenue for the quarter was $184.1 million, while analysts surveyed by FactSet were looking for $184.2 million.
"Second quarter fiscal 2017 revenue increased by over eight percent as compared with the year ago quarter, and marks our twelfth consecutive quarter of year-over-year revenue growth," CEO Gregory Waters said in a statement.
For the fiscal third quarter, IDT sees adjusted earnings of about 34 cents per share on revenue of about $176.0 million, plus or minus $5 million.
Analysts are expecting earnings of 34 cents per share on revenue of $176.1 million for the current period, according to FactSet.
More than 5.29 million of the company's shares changed hands so far today vs. its average 30-day volume of 2.27 million shares.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B+ on the stock.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, good cash flow from operations and expanding profit margins.
The team believes its strengths outweigh the fact that the company has had sub par growth in net income.