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UPDATE 1-Tessera Q1 beats Street, sees strong Q2 rev
April 28, 2010 / 9:24 PM / 7 years ago

UPDATE 1-Tessera Q1 beats Street, sees strong Q2 rev

* Q1 EPS $0.20 vs $0.13 est

* Q1 rev $64.3 mln vs $61.5 mln est

* Sees Q2 rev $67 mln-$70 mln vs $64.9 mln est

* Shares up 6 pct in extended trade

April 28 (Reuters) - Tessera Technologies Inc’s TSRA.O quarterly profit beat estimates, and the chip technology developer forecast strong second-quarter sales as it expects higher micro-electronics revenue.

The company forecast second-quarter revenue of $67 million to $70 million.

Analysts were looking for second-quarter revenue of $64.9 million, according to Thomson Reuters I/B/E/S.

Net income for the first quarter was $9.8 million, or 20 cents a share, compared with $39.5 million, or 82 cents a share, a year ago.

Analysts were expecting 13 cents a share.

Revenue fell 44 percent to $64.3 million, but beat analysts’ estimates of $61.5 million.

Quarterly provision for income taxes fell 73 percent to $8.1 million.

Shares of San Jose, California-based Tessera rose 6 percent to $23.10 in trading after the bell. They closed at $21.73 Wednesday on Nasdaq. (Reporting by Manasi Phadke in Bangalore; Editing by Aradhana Aravindan)

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