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UPDATE 1-Verigy Q2 results top Wall Street view; shares rise

Thu May 22, 2008 6:19pm EDT

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(Recasts; adds details, share movement)

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May 22 (Reuters) - Semiconductor testing company Verigy Ltd (VRGY.O) reported second-quarter results above market estimates on strong demand for its system-on-chip products, and forecast a better-than-expected third-quarter profit, sending shares up 6 percent. Net income for the second quarter fell to $14 million, or 23 cents a share, compared with $22 million, or 36 cents a share, a year ago.Revenue fell 11 percent to $162 million.

Analysts on average expected the company to earn 19 cents a share, on revenue of $161.6 million, according to Reuters Estimates.

Revenue from the system-on-chip business rose 68 percent to $116 million, while revenue from memory products fell 92 percent to $6 million due to customer delays, a company executive said in a conference call with analysts.

For the third quarter, the company expects earnings of 24 cents to 29 cents a share, on revenue of $170 million to $180 million.

Analysts were expecting the company to earn 19 cents a share, on revenue of $158 million.

Shares of the company rose $1.39 to $24 in trading after the bell. They closed at $22.61 Thursday on Nasdaq. (Reporting by Purwa Naveen Raman in Bangalore)

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