Tuesday, April 26, 2011

Applied Micro Posts Revenue of $58.6 Million

Applied Micro Circuits Corporation reported quarterly net revenues of $58.6 million, down 6.1% sequentially and up 1.7% year over year. GAAP net loss was $4.0 million or $0.06 per share.

"We executed to plan and continue to build upon our leadership position in the OTN market. With our increased pace of product introductions, we are confident of expanding our market share in all our key focus markets," said Dr. Paramesh Gopi, President and Chief Executive Officer.

Bob Gargus, Chief Financial Officer commented, "Lead times continue to be challenging and going forward are further challenged by the supply chain issues from the Japan earthquake. Overall we did a good job of meeting our revenue estimates and managing inventories to better serve our customers. Looking forward it appears that overall market demand, for the next 2 or so quarters, is consistent with our expectations."