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Mellanox: 1Q Earnings Snapshot

Mellanox: 1Q Earnings Snapshot

Associated Press

YOKNEAM, Israel (AP) _ Mellanox Technologies Ltd. (MLNX) on Tuesday reported first-quarter net income of $48.6 million.

The Yokneam, Israel-based company said it had profit of 87 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.59 per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.45 per share.

The semiconductor company posted revenue of $305.2 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $300.6 million.

Mellanox shares have climbed 29 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $119.32, a rise of 52 percent in the last 12 months.

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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 MLNX at https://www.zacks.com/ap/MLNX