GlobeSpan Inc.'s third-quarter results beat analysts' estimates on Tuesday. The Red Bank, N.J., company, a leading DSL chip supplier, reported net revenues of $110 million for the third quarter of fiscal 2000, representing an increase of 547.9% over net revenues for the same period last year.
Net income was $13.6 million, or 18 cents a share, compared with a net loss of $258,000, or 1 cent a share, for the 1999 third quarter. Consensus estimates had GlobeSpan's EPS at 11cents a share.
After charges, however, GlobeSpan posted mounting losses of 74 cents a share, compared with a penny-a-share loss for the same period last year.
``Our market share driven strategy, customer diversification and the continued momentum of the worldwide deployment [of DSL networks] is reflected in our net revenues, our bookings and backlog today,'' said Armando Geday, GlobeSpan's president and chief executive, in a statement.