RF Micro Devices' (RFMD) bottom line went from black to red in its fiscal first quarter, despite a surge in revenues.
The wireless chipmaker lost $8.1 million, or 4 cents a share, in its quarter ended June 30, the first of its fiscal year 2004. In its year-ago quarter, RFMD earned $2.3 million, or 1 cent a share.
The loss came in spite of a 26.5% jump in revenue year over year. RFMD posted sales of $131.5 million in its just-completed quarter.
The company blamed its loss in part on weak sales to handset manufacturers and lower sales of the company's 802.11b WiFi equipment.
The downturn in RFMD's bottom line was expected by analysts. Although the company's revenues fell short of Wall Street's projections, the company's loss was better than expected. Analysts surveyed by Thomson First Call were expecting the company to lose 6 cents a share on $133.49 million in sales.
In its current quarter, RFMD expects to lose between 4 cents and 5 cents a share on sales in the low $130 million range. That forecast includes a $2 million, or 1 cent a share, charge the company plans to take in the quarter to cover its repurchase of some convertible notes.
Analysts were expecting the company to lose 4 cents a share in its second quarter on $139.65 million in sales.
RFMD shares closed down 11 cents, or 1.6%, to $6.85 in regular trading on the Nasdaq. In after-hours trading on Island, the company's shares were down 2 cents, or 0.3%, to $6.83.