RTTNews | Jul 13, 2020 08:30AM EDT

08:30 Monday, July 13, 2020 (RTTNews.com) - Shares of Maxim Integrated Products Inc. (MXIM) are rising over 15% in pre-market today, after the company said it now expects Q4 net revenue to be about $545 million, versus its prior guidance range of $480 million - $540 million. Twenty Wall Street analysts have a consensus revenue estimate of $511.23 million for the quarter.

"Strong performance by our manufacturing operations, including our test facilities in the Philippines, resulted in better-than-expected June quarter revenue," said Tunc Doluca, President and Chief Executive Officer. "Despite recent global events, Maxim continues to demonstrate solid execution and profitability."

The stock has been trading in the range of $41.93 - $65.73 for the past one year, and closed Friday's trade at $64.09, down 38 cents or 0.59%. MXIM is currently trading at $74.25, up $10.16 or 15.85% in the pre-market session.

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