Integrated Device Loss Narrows

Numbers beat targets, though.
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Integrated Device Technology

(IDTI) - Get Report

, a semiconductor solutions supplier, narrowed its second-quarter loss.

The San Jose, Calif.-based company reported a loss of $700,000, or a penny a share, for the second quarter ended Oct. 1, compared with a loss of $1.6 million, or penny a share, a year ago. Excluding acquisition and compensation charges, the company earned 29 cents a share. Analysts surveyed by Thomson First Call were expecting earnings of 26 cents a share in the most recent quarter.

The second-quarter revenue rose 94% to $205.2 million from a year ago as against analysts' expectation of $201.1 million.

"Strength in our computing and consumer end markets enabled us to deliver our fifth consecutive quarter of revenue and non-GAAP EPS growth, with overall revenue growth of 28 percent so far this calendar year," the company said. "We continue to benefit from multiple product ramps, including our advanced memory buffers, PC and consumer timing devices as well as products from our recently acquired PC audio business."

IDT also announced that its board of directors approved a $50 million expansion of the previously authorized share repurchase program to a total of $100 million.

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