RF Micro Devices
posted a double-digit revenue increase for its third quarter, and projects stronger-than-expected fourth-quarter sales, driven by increasing demand in the wireless market.
Following the announcement, the company's shares moved 3.6% higher in after-hours trading to $5.80 on Instinet.
The Greensboro, N.C.-based chipmaker posted $177 million in third-quarter revenue, up 11.1% from the prior quarter and edging past analyst estimates of $175.9 million. Net income was $5.9 million, or 3 cents a share, in line with analyst estimates. The company lost $2.7 million in its previous quarter. Gross profit margin for the third quarter was 36%, compared with 34.1% in its prior quarter.
Fourth-quarter revenue is expected to jump 16% to 20%, coming in between $205 million and $212 million -- significantly higher than the $190.7 million expected by analysts polled by Thomson First Call.
"We expect to achieve record revenue in the December quarter, as market share gains and new product cycles translate into incremental semiconductor content in next-generation wireless devices," Bob Bruggeworth, RF Micro's president and CEO, said in a statement.