RF Micro Devices Posts Record Quarterly Revenue
In terms of the top line, RF Micro Devices had a quarter for the record books, but that wasn't enough to avoid disappointment from the market.
For its fiscal Q2 2014, revenue notched an all-time high at nearly $311 million, or almost 50% higher than the $210 million in the same period the previous year. Net income swung to a profit of $5.9 million ($0.02 per diluted share), against Q2 2013's $16.5 million ($0.06) loss. On an adjusted basis, those figures were $33.9 million ($0.12) and $7.8 million ($0.03) in the black, respectively.
The company provided forward guidance for its current Q3. Revenue for the period is anticipated to be flat to 5% higher sequentially, or $311 million to $326 million, with adjusted EPS coming in at $0.13-$0.14. Analysts had been projecting revenue of $326 million in top line, but their EPS estimate matched the low end of the company's range at $0.13.
Following the announcement of the results, RF Micro Devices' stock slipped by nearly 7%, or $0.42, to $5.74 in after-hours trading.
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