Genesis Microchip Beats Third-Quarter Views - TheStreet

Genesis Microchip

(GNSS)

topped analysts' third-quarter earnings expectations, reporting net income of $10.1 million, or 42 cents a share, up from $1.98 million, or 10 cents a share, in the year-ago quarter. Wall Street analysts had been expecting 34 cents a share, according to Thomson Financial/First Call.

Sales for the quarter rose to $49.8 million from $17.3 million a year ago.

The chipmaker also predicted modest sales growth for the fourth quarter to about $50 million, but cautioned that seasonal factors would affect sales.

Shares of Genesis closed at $68.21 Thursday on the

Nasdaq

before the earnings announcement.