Syed B. Ali
Thanks, Angel, and thanks to everyone for joining us today. In brief, Cavium's first quarter revenue was $55.3 million, up 5% from Q1. Non-GAAP gross margins came in at 60.6%. Non-GAAP net income was $3.5 million or $0.07 per share. Our GAAP net loss for the quarter was $11.8 million or $0.24 per share.
In Q2, we saw very positive trends emerge in our core enterprise and service provider markets. We saw strong growth in the service provider market, driven by ramps of designs to production especially in the wireless infrastructure market. New design ramps covered the entire spectrum from base stations, to radio network controllers, to the evolved packet core EPC across both 3G and 4G markets.
The enterprise market also delivered good growth across a broad range of markets. These trends drove double-digit growth in the enterprise and service provider markets in Q2, despite some reminiscence of inventory correction at a couple of our customers.Sales into broadband and consumable is flat, and sales of software and services was down due to the realignment of resources in the service sector that I talked about in the last conference call. Overall, booking trends were up significantly in Q2 when compared to Q1 and remained strong across the entire quarter, driven by product ramps at existing customers and several newer customers starting to go to production. In Q2, our top customer was once again Cisco Systems, which came in at 29% of sales and was up 11% sequentially. There were no other 10% customers. Art will provide more details on the Q2 financial results and Q3 2012 guidance shortly. I would -- like usual, I would now like to provide an update on actual Q2 design wins. Our overall design win momentum and pipeline remained very strong and similar to what we have seen over the recent quarters. Design wins in Q2 were once again spread across product families, target markets and low- to high-performance points.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts