RFMD revenue up 51.4% year on year
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RF Micro Devices has reported results for its fiscal fourth quarter, ended April 2010, with revenue hitting $260.8million - a year on year growth of 51.4% and a sequential rise of 4.2%.
Bob Bruggeworth, president and ceo of RFMD, said: "The RFMD team delivered another quarter of outstanding execution, highlighted by year-over-year and sequential improvements in revenue, margin, EPS and free cash flow. Our performance was highlighted by strength in 3G devices, share gains in Asia, and the increasing adoption of RFMD's products and technologies in SmartEnergy, point-to-point radio, CATV and other high-value markets."
Bruggeworth believes the success was due to the chip maker's focus on rf components and compound semiconductor technologies. He noted: "RFMD (has been able to deliver) substantial progress against key strategic initiatives related to product leadership, diversification and operational excellence."
Dean Priddy, cfo and vice president of administration of RFMD, added: "RFMD achieved sequential increases in earnings per share and return on invested capital in each quarter of our fiscal 2010. Based on our performance over the past four quarters and the current outlook we have for the future, we are increasing our target non-GAAP financial model to 42% gross margin and 17% operating margin."
