Inphi Corporation (IPHI), a provider of high-speed analog and mixed signal semiconductor solutions, swung to a net profit for the quarter ended Jun. 30, 2014. The company made a net profit of $2.63 million or $0.08 a share in the second-quarter against a loss of $1.47 million or $0.05 a share in the last year period. Non-GAAP earnings per share met the analysts' expectation of $0.09.
Revenue during the second-quarter surged 39.37 percent to $33.92 million from $24.34 million in the last year period.
Gross margin expanded by 29 basis points over the last year period to 63.75 percent. Operating margin for the current period stood at negative 5 percent as compared to negative 16.02 percent for the previous year period.
The company posted operating loss of $1.70 million, compared with $3.90 million in the previous year period.
''We are pleased to report that our revenue grew to more than $33.9 million dollars during the second quarter of 2014- a 9% sequential increase, and an almost 40% year-over-year increase,'' said Ford Tamer, president and CEO of Inphi.
For third quarter 2014, the company expects revenue to grow in the range of 5% to 9% sequentially in Q3 2014, resulting in a range of $35.6 million to $37.0 million. Non-GAAP gross margin is expected to be approximately 64.5% to 65.5%, it said.
GAAP results are expected to be a net loss in a range between $0.2 million to $1.0 million, or ($0.01) - ($0.03) per diluted share, the company said. Non-GAAP net income is expected to be in the range of $3.2 million to $3.9 million, or $0.10 - $0.12 per diluted share, on 33.5 million estimated fully diluted shares outstanding, it added.
Cash Position
As on Jun. 30, 2014, the company's cash balance stood at $33.32 million, up 14.22 percent or $4.15 million from Jun. 30, 2013.
Working Capital
Inphi Corp has witnessed an increase in the working capital over the last one year. The company's working capital stood at $135.15 million as at Jun. 30, 2014, up $7.90 million or 6.21 percent from $127.25 million on Jun. 30, 2013. It registered a decrease in current ratio to 9.44 as at Jun. 30, 2014 from 11.69 on Jun. 30, 2013.
Shares of the company gained $0.14 or 1.11 percent to settle at $12.79 on Tuesday.