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HILLSBORO, Ore. (AP) – TriQuint Semiconductor Inc., which provides chips for mobile gadgets such as Apple’s iPhone, hiked its profit forecast for the quarter on Thursday, a sign that demand is improving.
The news pushed TriQuint shares up ahead of the market open by 21 cents, or 3 percent, to $7.35.
Excluding unusual items, the company said it expects earnings of 11 cents per share for the quarter ending April 3. That’s up from a previous estimate of 8 cents to 10 cents.
It expects revenue at the high end of its forecast, which calls for $170 million to $175 million.
Both estimates exceed Wall Street expectations. Analysts polled by Thomson Reuters were looking for 8 cents per share on revenue of $174 million, on average.
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