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Conexant Draws Late Buyers

The company's shares rise after its earnings and outlook.
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Conexant Systems

(CNXT) - Get VanEck Vectors ChinaAMC SME-ChiNext ETF Report

said first-quarter revenue exceeded its own expectations, rising 64.1% from a year ago, and earnings topped Wall Street's estimates.

Shares of Conexant jumped 27 cents, or 8.3%, to $3.54 in after-hours trading.

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For the fiscal quarter ended Dec. 31, revenue totaled $230.7 million. The company was anticipating around $225 million. Conexant had revenue of $140.6 million in the first quarter of fiscal 2005.

Before items, the semiconductor company would have earned $7.3 million, or 2 cents a share. A year ago, Conexant had a loss excluding items of $95.3 million, or 20 cents a share. After factoring in unusual items, Conexant lost $24.3 million and 5 cents a share in the quarter.

For the second quarter, Conexant is forecasting revenue growth of 3% to 5% sequentially and a profit, before items, of 2 cents a share. Analysts surveyed by Thomson First Call were looking for a profit of 1 cent a share in both the first and second quarters.