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Alpha and Omega beats Street 3Q forecasts

SUNNYVALE, Calif. (AP) _ Alpha and Omega Semiconductor Ltd. (AOSL) on Wednesday reported fiscal third-quarter net income of $3.6 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Sunnyvale, California-based company said it had net income of 14 cents. Earnings, adjusted for stock option expense, were 21 cents per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share.

The chipmaker posted revenue of $93.3 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $92.1 million.

For the current quarter ending in June, Alpha and Omega said it expects revenue in the range of $99 million.

Alpha and Omega shares have declined 24 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.21, an increase of 27 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 AOSL at https://www.zacks.com/ap/AOSL

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Keywords: Alpha and Omega Semiconductor, Earnings Report