RF Micro Devices
comforted jittery investors Thursday morning, predicting profitability in its third quarter and expressing confidence about meeting Street expectations.
The company also disclosed that landed a new handset customer that is among the market leaders and is already shipping products to the client.
CFO Dean Priddy, speaking at the Needham & Co. Annual Growth Conference, painted a brighter picture than that coming out of the rest of the wireless segment this week. Despite a Dec. 18 revenue warning from competitor
, RF Micro Devices insists it is on track to meet guidance.
"We anticipate revenue and earnings growth in the December quarter," Priddy said.
Shares in the cell-phone component manufacturer rose 13% by early afternoon trading Wednesday.
Wall Street's consensus forecast calls for a profit of 2 cents a share for the chipmaker in the third quarter of its fiscal 2002, on $103 million in revenue. In its second quarter, RF Micro Devices notched $98 million in revenue, good for a penny a share in profit. On Jan. 4, the company reconfirmed its plan to earn a penny per share to 2 cents a share and garner between $99 million and $103 million in sales.