NEW YORK ( TheStreet) -- Shares of RF Micro Devices ( RFMD) dropped in after-hours action on Tuesday after the Greensboro, N.C.-based chip maker fell short of Wall Street's revenue view in its latest quarter and forecast a sequential decline of 10-15% in revenue for the current period.

The company posted an adjusted profit of $52.6 million, or 19 cents a share, for its fiscal third quarter ended on Jan. 1, coming in a penny ahead of the average estimate of analysts polled by Thomson Reuters, but its revenue total of $278.8 million -- an 11% increase year-over-year -- was below the consensus view of $285.8 million.

Based on its third-quarter total and the outlook for a 10-15% decline, RF Micro is projecting revenue of between $237 million and $251 million for its fiscal fourth quarter ending in March. The current average analysts' view calls for revenue of $259.3 million in the March period.

RF Micro also said Tuesday it expects to see an additional $25 million decline in transceiver revenue in the March quarter "consistent with the anticipated end-of-life of legacy transceiver products" and that it anticipates transceivers will be immaterial to its financial results from the June quarter forward.

"The March quarter represents an inflection point for RFMD as we close out our legacy transceiver business and begin the ramp of new, higher margin component solutions, including our PowerSmart power platforms, our industry-leading high efficiency single-mode PAs, our silicon-based switches, our GaN components, and our high-performance WiFi components," said Bob Bruggeworth, the company's president and CEO, in a statement.

Perhaps to soften the blow of the comparatively weak revenue view, RF Micro said its board has approved the buyback of up to $200 million worth of its common stock over the next two years.

The stock was last quoted at $7.22, down 5.7%, on volume of 1.4 million, according to Based on a regular session close at $7.66, the shares have appreciated more than 85% in the past 52 weeks; although it's pulled back 4% since hitting a 52-week high of $8.37 on Jan. 13.

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