Applied Micro Circuits Slides on Loss

Updated from Jan. 20

Applied Micro Circuits (AMCC Quote) posted a third-quarter loss Tuesday despite 81% revenue growth.

For the fiscal third quarter ended Dec. 31, the maker of chips for communications gear posted a pro forma loss of 2 cents a share. That figure, which excludes restructuring costs and a variety of other items, matches the analyst consensus estimate quoted by Thomson First Call.

Using generally accepted accounting principles, the company reported a third-quarter loss of $26.4 million, or 9 cents per share, compared to the year-earlier loss of $39.1 million, or 13 cents per share.

The San Diego-based company reported third-quarter net revenue of $38.2 million, up from $21.1 million one year earlier.

Shares in AMCC, which have more than doubled over the past year, headed south Tuesday. In normal trading, before financials were released, the stock dropped 57 cents, or more than 6%, to close at $8.41. About 30 minutes into trading Wednesday, the stock was down 61 cents, or 7.25%, to $7.80.

"I am encouraged by the business momentum I see from our customers, as well as our product traction at the major accounts," CEO Dave Rickey said in a statement.