Our actual results may differ materially from these forward-looking statements. Applied Micro assumes no obligation to update forward-looking statements made on this call. I also want to point out that Applied Micro has several analysts to cover our stock and this creates a range of variability relative to the Street financial models. When we say Street estimates, we mean the consensus of the major analyst models and not necessarily the guidance that was given by the company.

With that, I am going to turn the call over to Paramesh. Paramesh?

Dr. Paramesh Gopi

Thanks, Bob, and good afternoon everyone. We will cover the details of the quarter ending June 30, 2012 which is the first quarter of our fiscal year 2013 as well as provide guidance going forward. Our June quarter revenues were $41.3 million and were a $1 million higher than the midpoint Street estimates of $40.3 million.

Before I go into a detailed analysis of these results, let me give you a high-level overview of our vision and update you on the execution of our company’s transformation currently underway. Two years ago, we foresaw a disruptive trend emerging in the form of warehouse scale data center innovation leading up to fundamental changes by parts of enterprise networking and information technology were progressively moving into the cloud. This is evidenced by the fact today that by the end of calendar year 2012 up to 20% of businesses worldwide will own virtually no ID assets on premise according to Gartner.

These trends continue to fuel the need for low cost, low total cost of ownership to have our platforms with low energy consumption and high manageability resulting in a high growth cloud server market. I am happy to say that we made significant strides in establishing ourselves as a key enabler and a market category leader providing category leader providing innovative, highly integrated, server solutions. While we continue to stay focused on our base business, we made a strategic move towards leveraging our asset base to enable and lead this new high growth large time cloud computing and connectivity marketplace. This forms the momentum required to move up from a small cap telecom semiconductor supplier to a madcap high growth company.

If you liked this article you might like

Intel Should Remain Dominant in Server CPUs, but AMD and Qualcomm Just Made Things More Interesting

Apple Supplier InvenSense Could Be The Next Takeover Target in Chips

TJX, SBUX, NXPI: Jim Cramer's Views

Why Macom's AppliedMicro Circuits Deal Could Benefit Intel

The Latest Chip Acquisition Could Be Good News for Intel