Pixelworks tops Street 4Q forecasts
Pixelworks posts 4Q profit, results beat Wall Street estimates
SAN JOSE, Calif. (AP) _ Pixelworks Inc. (PXLW) on Wednesday reported fourth-quarter net income of $337,000, after reporting a loss in the same period a year earlier.
The San Jose, California-based company said it had profit of 1 cent per share. Earnings, adjusted for stock option expense and pretax expenses, were 4 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.
The maker of chips used in high-end digital video devices posted revenue of $16 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $15.5 million.
For the year, the company reported that its loss widened to $11.1 million, or 39 cents per share. Revenue was reported as $53.4 million.
For the current quarter ending in April, Pixelworks said it expects revenue in the range of $22 million to $23 million.
In the final minutes of trading on Wednesday, the company's shares hit $3.14. A year ago, they were trading at $1.41.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PXLW at https://www.zacks.com/ap/PXLW
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Keywords: Pixelworks, Earnings Report
