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Xilinx (XLNX) Tops Q2 EPS by 5c; Guides Lower

October 23, 2019 4:22 PM

Xilinx (NASDAQ: XLNX) reported Q2 EPS of $0.94, $0.05 better than the analyst estimate of $0.89. Revenue for the quarter came in at $833 million versus the consensus estimate of $824.84 million.

"I am pleased to report that we were able to exceed the midpoint of our revenue guidance for the fiscal second quarter amidst a challenging business environment driven by global trade disputes. Overall, the first half of our current fiscal year remained strong despite the impact of continued business restrictions related to Huawei which was offset by higher than expected 5G product demand from other global communications OEMs and stronger than expected growth in our data center business," said Victor Peng, president and chief executive officer. "However, we are seeing a combination of headwinds in the second half related to continuing business restrictions, weaker demand for communications products and macro-related weakness offsetting strong overall growth in data center and improvement across our core vertical markets. For fiscal 2020, we believe that third quarter will be our low point and we expect to see a return to sequential revenue growth in our fourth quarter. Despite the weaker third quarter, we expect fiscal year 2020 revenues to grow approximately six percent compared to fiscal year 2019, which represents the midpoint of our guidance."

GUIDANCE:

Xilinx sees Q3 2020 revenue of $710-740 million, versus the consensus of $844.91 million.

Xilinx sees FY2020 revenue of $3.2-3.28 billion, versus the consensus of $3.4 billion.

For earnings history and earnings-related data on Xilinx (XLNX) click here.

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