Shares of Adeia (NASDAQ:ADEA) soared 5.13% in intraday trading on Thursday, as the semiconductor intellectual property (IP) licensing company reported better-than-expected fiscal year 2024 earnings results.

For the full year, Adeia posted revenue of $376 million, down 3.3% year-over-year but exceeding analyst estimates by 1.3%. Earnings per share of $0.59 also beat consensus forecasts by 5.6%, with the company maintaining a healthy 17% profit margin.

The robust results sent Adeia shares higher, building on a 26% rally seen over the past week. While revenue declined slightly from the prior year, the company's earnings power remained resilient amid cost controls. Additionally, Adeia's forward guidance calling for 6% annual revenue growth over the next two years surpassed expectations for the broader software industry.