Xilinx Meets 1Q Guidance Despite Stop and Start in Huawei Shipments; Maintaining $90 FVE
Xilinx reported fiscal first-quarter earnings in line with revenue and profitability expectations, despite headwinds from Huawei shipping limitations during the second half of the quarter. Management now expects a sequential revenue decline for the next quarter--breaking away from recent trends. We continue to think growth expectations for the firm are too aggressive, with the Huawei situation clouding the firm’s near term. Consequently, we’re maintaining our $90 fair value estimate for this nar...Xilinx designs and develops programmable devices and associated technologies, including: integrated circuits (ICs) in the form of programmable logic devices (PLDs), including programmable System on Chips and three-dimensional ICs; Adaptive Compute Acceleration Platform, a multi-core heterogeneous compute platform; software design tools to program the PLDs; software development environments and embedded platforms; targeted reference designs; printed circuit boards; and intellectual property (IP), which consists of the company and third-party verification and IP cores. In addition to its programmable platforms, the company provides design services, customer training, field engineering and technical support.
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