Vitesse Posts Solid Sales Growth

Updated from July 22

An as-expected quarterly report couldn't deliver Vitesse Semiconductor ( VTSS) from the techwide selloff Friday.

The company's stock dropped 12% in early action even after Vitesse posted in-line third-quarter numbers Thursday, led by 8% sequential top-line growth.

The Camarillo, Calif., chipmaker reported a latest-quarter loss of $4.6 million, or 2 cents a share, on sales of $60.4 million. A year ago, the company lost 4 cents a share on sales of $43 million.

The June quarter included a charge related to the acquisition of Cicada Semiconductor. Before that item, latest-quarter adjusted profit was 2 cents a share. That's in line with the Wall Street estimate and up from the second quarter's penny-a-share profit.

"Revenues grew in the quarter, driven by continued strength in the metro and enterprise market," said CEO Lou Tomasetta. "I am pleased to report that we grew cash during the quarter by approximately $9 million."

Vitesse dropped 40 cents to $2.85.

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