Why Inphi Stock Soared Today
Shares of Inphi (NYSE: IPHI) have soared today, up by 12% as of 1 p.m. EDT, after the company reported first-quarter earnings results. Inphi, which sells high-speed components for data centers, is seeing strong demand for its products, as the novel coronavirus outbreak has shifted much activity online.
Revenue in the first quarter soared 70% to a record $139.4 million, compared to the consensus estimate of $135.2 million. Inphi attributed the growth to higher demand for cloud and telecommunications products and the acquisition of eSilicon that closed in January. Adjusted net income came in at $31.5 million, or $0.62 per share, while Wall Street was looking for just $0.55 per share in adjusted profits.
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Source Fool.com
