TriQuint Semiconductor Inc. on Tuesday hiked its estimates for third-quarter revenue and income, citing strong demand.
The company expects revenue of $238 million and income excluding items of 27 cents per share for the quarter ended Oct. 2. That compares with its previous estimates of revenue between $215 million and $225 million and net income of 20 cents per share.
On average, analysts polled by Thomson Reuters expect net income of 20 cents a share on $221.2 million in revenue. Analysts' estimates typically don't include one-time charges.
TriQuint, which provides chips for mobile gadgets such as Apple's iPhone, attributed the growth to increased demand. It expects solid sequential growth in the fourth quarter as well.
The company is set to release its third-quarter results and host a conference call for investors on Oct. 27 when the market closes.
Shares of the company edged up 6 cents to $9.15 in afternoon trading.