Shares of Inphi Corp. (IPHI), a provider of analog and mixed signal semiconductor solutions, are rising more than 8 percent or $8.43 in Friday's morning trade at $107.40 after the company's net loss for the first quarter narrowed and it provided an upbeat outlook for the second quarter. The stock has traded in a range of $39.34 to $116.98 in the past 52 weeks.
Thursday, Inphi reported that its first-quarter net loss narrowed to $20.3 million or $0.44 per share from $22.7 million or $0.51 per share in the year-ago period. Adjusted earnings were $0.62 per share, compared to $0.33 per share in the prior-year period.
Revenue surged 69.6 percent to $139.4 million from $82.2 million in the year-ago quarter, reflecting higher demand for Cloud and Telecommunications products as well as the inclusion of eSilicon revenues as a result of the acquisition that closed on January 10, 2020.
Looking ahead, Inphi said that the significant paradigm shifts brought on by 'work from home', electronic commerce, distance learning, streaming and other remote usage activities may result in further acceleration of bandwidth upgrades. The company remains cautiously optimistic for continued growth.
For the second quarter, Inphi expects higher revenue in a range of $147.8 million to $152.0 million, net loss in a range of $0.31 to $0.45 per basic share, and adjusted earnings of $0.62 to $0.68 per share.
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