Tech firm Xilinx, Inc. (NASDAQ: XLNX) Wednesday reported a 21% increase in first-quarter 2022 revenues. As a result, earnings grew sharply year-over-year, beating experts’ estimates.
First-quarter net income, excluding special items, climbed to $0.95 per share from $0.65 per share in the comparable period of 2021. The latest number was also above the consensus forecast. Net income rose to $206 million or $0.83 per share from $94 million or $0.38 per share last year.
The positive outcome was the result of a 21% growth in first-quarter revenues to $879 million. Market watchers had predicted a lower top-line number.
Shares of Xilinx gained modestly during Wednesday’s extended trading following the announcement, after closing the regular session higher.
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