Newport Beach-based chipmaker Conexant Systems Inc. saw its shares jump in afterhours trading after reporting better than expected quarterly results and offering an outlook for the current quarter that topped what analysts had been expecting.
For the three months through Jan. 1, Conexant reported an adjusted profit of $10 million, beating the $6.5 million analysts were expecting.
Sales came in at $61.8 million, topping the $60.1 million analysts were looking for.
“The Conexant team again delivered performance that exceeded our expectations on all financial metrics,” Chief Executive Scott Mercer said.
For the current quarter, Conexant forecast a profit of about $9 million, or nearly twice what analyst had been expecting.
Sales are seen coming in at $60 million to $61 million, versus the $55 million analyst were forecasting.
Shares were up more than 10% in afterhours trading on a market value of $173 million.
Conexant makes chips for modems, computers and digital picture frames.
“The Conexant team again delivered performance that exceeded our expectations on all financial metrics,” Chief Executive Scott Mercer said.
