Semiconductor company Xilinx, Inc. (NASDAQ: XLNX) reported stronger than expected earnings and revenues for the fourth quarter of 2020. The stock closed Wednesday’s regular trading sharply higher, but declined during the extended session following the announcement.
The results show that the restrictions imposed on China-based tech firm Huawei, the largest customer of Xilinx, and the COVID-19 related disruptions did not affect the company’s performance much.
Earnings, on an adjusted basis, dropped to $0.78 per share from $0.94 per share last year but came in above the consensus forecast. Reported profit dropped to $162 million or $0.65 per share from $245 million or $0.95 per share in the fourth quarter of 2019.
The decline in profit reflects a 9% fall in revenues to $756 million. The top-line, meanwhile, exceeded the market’s projection.
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