Shares of Xilinx, Inc. (XLNX) rose 1.2% in Wednesday’s extended trading session after the semiconductor manufacturing company reported better-than-expected results for the third quarter of Fiscal Year 2022, driven by strong data center and aerospace & defense businesses performance.
The company reported adjusted earnings of $1.29 per share, which compared favorably with $0.78 per share recorded in the same quarter last year. The figure easily surpassed analysts’ expectations of $0.95 per share.
Revenue jumped 26% year-over-year to $1.01 billion and surpassed the consensus estimate of $956.8 million. Additionally, Data Center Group and Aerospace & Defense, Industrial and Test, Measurement & Emulation revenue increased 81% and 28%, respectively.
Xilinx CFO Brice Hill said, “Overall strong revenues and business mix, in addition to positive impacts from strategic venture investments, drove record earnings this quarter. Our platform strategy continues to progress as Adaptive SoC revenue grew 5% sequentially and 30% year-over-year, representing 28% of total revenue.”
Based on 1 Buy and 8 Holds rating, the stock has a Hold consensus rating. The average Xilinx price target of $198.67 implies 13.3% upside potential from current levels. Shares have gained 31.6% over the past year.
TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on Xilinx, with 8.6% of investors decreasing their exposure to XLNX stock over the past 30 days.
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