Texas Instrumentsposted higher-than-expected quarterly results Monday, sending shares higher in afternoon trading.
The chipmaker reported first quarter earnings of 52 cents a share. Texas Instruments earned 1 cent a share during the same period a year earlier.
Sales for the most recent quarter rose to $3.21 billion, up from $2.09 billion last year.
The company was seen earning 51 cents a share on revenue of $3.14 billion, according to a consensus estimate from Thomson Reuters.
The company also boosted its revenue guidance for the second quarter to between 56 cents to 64 cents a share. Earlier consensus was 53 cents a share.
Shares of TI were up in extended trading Monday.
The shares closed at $27.16 in the regular New York Stock Exchange session. Volume reached almost 19 million shares before the closing bell.
"Momentum continues into the second quarter as demand for our products remains strong, and we add more manufacturing capacity to support our customers," said Rich Templeton, CEO of TI, in a prepared statement.