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Stock Alert: Xilinx Shares Up 7% In Late Trade On Updated Q1 Guidance

Shares of Xilinx Inc. (XLNX) were up $6.84 or 7.44% in the after-hours session on Monday, after the chip maker revised up its first-quarter outlook.

The company sees stronger than expected revenues in its Wired and Wireless Group and Data Center Group, and accelerated orders following recent changes to the U.S. government restrictions on sales of certain of the company's products to international customers.

Xilinx now expects first-quarter revenue in the range of $720 million - $734 million, versus the previously communicated range of $660 million - $720 million. Twenty-three Wall Street analysts have a consensus revenue estimate of $693.56 million for the quarter.

Victor Peng, Xilinx's President and Chief Executive Officer, said, "We will continue to closely monitor the business environment, which remains dynamic. Based on our current assessment, we expect our fiscal second quarter revenues to be, approximately, in line with the fiscal first quarter."

The stock has been trading in the range of $67.68 - $133.00 for the past one year, and closed Monday's regular trade at $91.96, up 94 cents or 1.03%. Trading volume was 2.26 million versus an average volume of 2.82 million shares.

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