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Shares of Conexant Systems, Inc. (NASDAQ: CNXT) Rise on Third Quarter Earnings Report

Conexant Systems, Inc. (NASDAQ: CNXT), an innovative developer of semiconductor solutions, including products for Internet connectivity, digital imaging and media processing applications, recently announced the company’s results from the third quarter of fiscal year 2008. Shares of Conexant Systems, Inc. traded higher late last week after the announcement of the company’s financial results that exceeded expectations for the quarter.

Core operating expenses reached $46 million, and core operating income totaled $12.5 million. Core net income was recorded at $6 million, or $0.12 per diluted share, which beat analysts’ projection of a loss of $0.08 per share. Considering the momentum of the third quarter, the company now expects revenues for the fourth fiscal quarter to be in the range of $120 million and $125 million, a $5 million increase from previous guidance.

According to senior management, the company met or exceeded expectations regarding every major financial performance metric during the third quarter. Conexant Systems, Inc. also introduced new innovative products targeting high-growth market segments with the ultimate strategy of focusing on investment opportunities where the company has the ability to lead and establish a long-term sustainable capital structure.

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