Mellanox Technologies, Ltd. announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the period, the company reported revenues of $251.0 million increased 33.0%, compared to $188.7 million in the first quarter of 2017. GAAP operating income was $12.0 million, compared to operating loss of $12.6 million in the first quarter of 2017. Non-GAAP operating income was $52.1 million, or 20.8% of revenue, compared to $15.7 million, or 8.3% of revenue in the first quarter of 2017. GAAP net income was $37.8 million, compared to net loss of $12.2 million in the first quarter of 2017. Non-GAAP net income was $51.4 million, compared to $14.7 million in the first quarter of 2017. GAAP net income per diluted share was $0.71 in the first quarter, compared to net loss per diluted share of $0.25 in the first quarter of 2017. Non-GAAP net income per diluted share was $0.98 in the first quarter, compared to $0.29 in the first quarter of 2017. Income before taxes on income was $11,446,000 compared to loss of $13,876,000 a year ago. Net cash provided by operating activities was $55,405,000 compared to $35,001,000 a year ago. Purchase of property and equipment was $7,226,000 compared to $15,911,000 a year ago. Purchase of intangible assets was $6,315,000 compared to $1,115,000 a year ago. Income from operations was $11,979,000 compared to loss of $12,566,000 a year ago.

The company provided earnings guidance for the second quarter and full year 2018. For the second quarter, the company expected quarterly revenues of $255 million to $265 million and non-GAAP gross margins of 68.5% to 69.5%.

For the full year 2018, the company expected revenues of $1,030 million to $1,050 million, non-GAAP gross margins of 68.0% to 69.0% and non-GAAP operating margin of 21.0% to 22.0%.