Rambus beats 3Q earnings expectations
Rambus tops 3Q profit expectations, misses revenue forecasts
Associated Press http://finance.yahoo.com/news/rambus-beats-3q-earnings-expectations-202445284.html
SUNNYVALE, Calif. (AP) _ Rambus Inc. (RMBS) on Monday reported earnings of $5.5 million in its third quarter.
On a per-share basis, the Sunnyvale, California-based company said it had net income of 5 cents. Earnings, adjusted for one-time gains and costs, came to 13 cents per share.
The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 5 cents per share.
The memory chip designer posted revenue of $69.7 million in the period, falling short of Street forecasts. Analysts expected $71.2 million, according to Zacks.
For the current quarter ending in December, Rambus said it expects revenue in the range of $70 million to $75 million.
Rambus shares have risen 16 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $10.97, a rise of 16 percent in the last 12 months.