Inphi tops expectations for third quarter
Inphi beat Wall Street expectations on revenue in its third quarter earnings report.
The Thousand Oaks semiconductor design company reported $70.7 million in revenue on a U.S. generally accepted accounting principles (GAAP) basis, exceeding projections of $67.9 million. That was up 49 percent from $47.4 million in the third quarter of 2015.
The growth of Inphi’s linear transimpedance amplifiers, linear driver products and CMOS semiconductor-based100G physical layers (iPHY) products drove the increase in revenue, the company said.
Inphi expects to increase revenue 5.5 percent to 8.5 percent in the fourth quarter, a range of $74.7 million to $76.7 million.
The company reported of net income was $6.6 million, or 15 cents per diluted common share, compared to a net loss of $1.9 million, or a 5-cent loss per diluted common share, in the third quarter of 2015.
Inphi also announced plans to acquire with Clarice Acquisition Corp. in Delaware, a wholly owned subsidiary of ClariPhy Communications and Fortis Advisors LLC, for $275 million in cash and the assumption of certain liabilities when the deal is expected to close in December.
Shares traded up 36 cents to $41.25 on Nov. 3.
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