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Inphi Reports 39 Percent Year On Year Revenue Growth

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Revenue growth reflects increase in demand for ColorZ inter-datacentre solutions and coherent DSP products

Inphi Corporation, a US-based developer of high-speed data movement interconnects, has announced revenue of $84.4 million for Q2 (ended June 30, 2017) with 39 percent year on year revenue growth, compared with $60.5 million in Q2 2016.

The revenue growth reflects an increase in demand for ColorZ inter-datacentre solutions and coherent DSP products from the ClariPhy acquisition.

"We executed in Q2 according to plan, with ColorZ continuing its ramp, crossing 10,000 cumulative unit shipments with excellent quality in live field operation," said Ford Tamer, president and CEO of Inphi Corporation. “We need to continue to be patient regarding a full demand resumption in China metro and long haul. Our design win momentum is increasing with customers worldwide, across our 50G PAM4, 100G PAM4, our new metro coherent DSP and our 64 Gigabaud - 16/64QAM capable TiA and driver product lines," he said.

Gross margin from continuing operations under GAAP in Q2 2017 was 56.7 percent, compared with 68.2 percent in Q2 2016. The decrease in gross margin was primarily due to amortisation of acquired intangibles, amortisation of inventory step up fair value related to the acquisition of ClariPhy and change in the product mix.

GAAP loss from continuing operations in Q2 2017 was $7.9 million or (9.4 percent) of revenue from continuing operations, compared to GAAP income from continuing operations in Q2 2016 of $4.0 million or 6.6 percent of revenue from continuing operations.



GAAP net loss from continuing operations for Q2 2017 was $15.0 million, or ($0.36) per diluted common share, compared with GAAP net income from continuing operations of $0.9 million, or $0.02 per diluted common share in Q2 2016.

Non-GAAP Results

Gross margin from continuing operations on a non-GAAP basis in Q2 2017w as 70.3 percent, compared to 73.6 percent in Q2 2016. The decrease was largely due to change in product mix. Non-GAAP income from continuing operations in Q2 2017 was $17.6 million, or 20.8 percent of revenue from continuing operations, compared with $14.8 million, or 24.4 percent of revenue from continuing operations in Q2 2016. Non-GAAP net income from continuing operations in Q2 2017was $15.6 million, or $0.35 per diluted common share. This compares with non-GAAP net income from continuing operations of $13.8 million, or $0.32 per diluted common share in Q2 2016.

First Half 2017 Results

Revenue from continuing operations in the six months ended June 30, 2017 was $178.0 million, compared with $114.6 million in the six months ended June 30, 2016. GAAP net loss from continuing operations in the six months ended June 30, 2017 was $26.2 million, or ($0.63) per diluted share, on approximately 41.9 million diluted weighted average common shares outstanding. This compares with GAAP net income from continuing operations of $0.9 million, or $0.02 per diluted share, on approximately 43.7 million diluted weighted average common shares outstanding in the six months ended June 30, 2016.

Business Outlook

Revenue in Q3 2017 is expected to be in a range of $82.4 million to $86.4 million. The midpoint being $84.4 million or flat with Q2 2017. GAAP gross margin is expected to be approximately 59.5 percent to 61.0 percent.

Non-GAAP gross margin is expected to be approximately 70.9 percent to 71.9 percent.Stock-based compensation expense is expected to be in the range of $11.5 million to $12.5 million.

GAAP results are expected to be a net loss in a range between a net loss of $14.9 million to a net loss of $17.6 million, or ($0.35) – ($0.42) per basic share, based on 42.4 million estimated weighted average basic shares outstanding.

Non-GAAP net income, excluding stock-based compensation expense, amortisation of intangibles and inventory step up fair value related to acquisitions and noncash interest on convertible debt, is expected to be in the range of $14.4 million to $16.1 million, or $0.33-$0.37 per diluted share, based on 44.0 million estimated diluted shares outstanding.


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