RFMD achieves 29% year on year revenue growth

According to RFMD, demand has been strong for both the cellular products group and multi-market products group, with both product groups achieving year on year and sequential revenue growth. The company also said it achieved key customer diversification initiatives during the quarter, with sales to customers outside RFMD's largest customer growing by approximately 77% year on year and adding $270million in annualised incremental revenue. Dean Priddy, cfo and vice president of administration of RFMD, said: "RFMD is currently on track to grow revenue and achieve double-digit earnings growth this fiscal year. We have made significant progress in broadening our customer base and generating superior free cash flow, which has strengthened our balance sheet and given us the flexibility to fund our growth strategies. We are on an annualised run rate exceeding last year's free cash flow of $177m and we are very confident in our ability to achieve a positive net cash position sooner than originally anticipated. "Looking forward, we are forecasting continued strong free cash flow, and our potential future uses of cash include share buybacks, additional bond repurchases and incremental investment in our growth." During the quarter RFMD launched 92 new and derivative products for markets such as SmartEnergy, high-performance WiFi, 3G/4G wireless infrastructure, fixed and mobile broadband, and 3G/4G smart phones. The company also secured a number of design wins during the quarter, including handset and smart phone platforms, SmartEnergy, high-power GaN and 4G wireless infrastructure applications.