AUSTIN, Texas—Freescale Semiconductor Inc. says strong sales of its wireless products as well as its networking and computing gear helped the company to more than double its first-quarter net income compared to the same period last year.
Freescale reported first-quarter net income of $212 million based on revenue of $1.53 billion, a 6-percent jump from last year’s revenue of $1.44 billion. The results exceed Freescale’s financial forecast as well as those of Wall Street analysts—both Freescale and Wall Street expected $1.49 billion in sales.
The company’s Wireless and Mobile Solutions segment posted operating profits of $34 million, up from $6 million a year ago. The Networking and Computing Systems segment reported operating income of $81 million, up from $56 million a year ago.
Looking forward, Freescale said it expects second-quarter revenues of $1.5 billion to $1.6 billion, in-line with Wall Street’s forecast of $1.5 billion.
News of the company’s strong earnings pushed its stock up $1.43 to $31.10 per share during mid-day trading on the New York Stock Exchange.
