Semiconductor producer Inphi, with operations in Westlake Village, reported first quarter net losses of $11.3 million May 2, compared to net income of $220,000 in the first quarter of 2016.
The company brought in $93.6 million in revenue from continuing operations, up from an adjusted $54.1 million for the same period last year and $80.9 million in the fourth quarter. The company fell within stated expectations for its revenues but slightly missed its $10 million-$11.2 million net loss target.
Revenues are expected to decrease between 6 percent and 14 percent for the second quarter, to $80 million-$88 million, for a net loss of $22.8 million-$28.7 million. Net losses for the quarter were 27 cents per share after operating expenses grew 67 percent to $58 million year-over-year.
The company had cash and cash equivalents of $167.6 million and total liabilities of $522.7 million as of March 31. Shares ended the day down 4.2 percent at $40.54.
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