Rambus Reports Lower Earnings on Higher Revenue

The company notes that costs increased sharply over the prior year.
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Shares of


(RMBS) - Get Report

were drifting lower after the chip technology company reported earnings that slipped from the year-ago quarter on revenue that was sharply higher.

Shares of Rambus closed up 35 cents, or nearly 2%, to $18.90, in regular trading. After hours, shares were slipping, down 56 cents, or 3%, to $18.34.

Rambus reported net income of $4.5 million, or 4 cents per share, on revenue of $29.2 million for its third quarter of fiscal 2003, ending June 30. That compares with EPS of 6 cents a share in the year-ago quarter and 5 cents in the previous quarter. Revenue grew 23% from the $23.7 million of a year earlier and was nearly 4% higher than the March quarter's $28.1 million.

Total costs of $23.9 million were 1% over the prior quarter, but 49% higher than in the prior-year quarter.