NEW YORK (Thomson Financial) - Shares of Zoran Corp. rose Tuesday after the
company reported third-quarter earnings that beat expectations as the company
provided an above-consensus outlook.
Adjusted income was $26.4 million, or 51 cents a share, beating the mean
estimate of analysts polled by Thomson Financial of 39 cents a share.
Revenue for the Sunnyvale, Calif.-based developer of integrated circuits was
$146.4 million, ahead of the $138.5 million analyst estimate.
In the year-ago period, the company posted adjusted income of $16.9 million,
or 33 cents a share, on revenue of $129.9 million.
Zoran sees adjusted fourth-quarter earnings of 30 cents a share to 34 cents
a share, on revenue of $128 million and $132 million. Analysts are currently
looking for earnings of 30 cents a share on revenue of $127.8 million.
Shares of Zoran rose 17% to $24.33 on Tuesday.
Ryan Vlastelica
rv/pc
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