Maxim: Fiscal 1Q Earnings Snapshot

SAN JOSE, Calif. (AP) _ Maxim Integrated Products Inc. (MXIM) on Tuesday reported fiscal first-quarter profit of $197.4 million.

On a per-share basis, the San Jose, California-based company said it had net income of 70 cents. Earnings, adjusted for amortization costs and non-recurring costs, came to 75 cents per share.

The results met Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was also for earnings of 75 cents per share.

The chipmaker posted revenue of $638.5 million in the period, which topped Street forecasts. Nine analysts surveyed by Zacks expected $634.4 million.

For the current quarter ending in January, Maxim expects its per-share earnings to range from 59 cents to 65 cents.

The company said it expects revenue in the range of $570 million to $610 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $627.7 million.

Maxim shares have dropped 5 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $49.63, a fall of almost 5 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 MXIM at https://www.zacks.com/ap/MXIM