Based on demand for its flash memory products, Atmel Corp.'s third quarter revenues reached $530.4 million, up 56% from a year ago, and up 11% sequentially, the San Jose chipmaker said today.
Net income for the quarter, ended Sept. 30, totaled $76.5 million, or 16 cents per diluted share-up a whopping 342% from $17.2 million, or 4 cents per share, a year ago. In the previous quarter, the company reported net income of $61.3 million, or 13 cents per share.
"Revenues exceeded our expectations and were driven by continued sales strength across all product categories, robust end customer demand, a firm pricing environment, and the continued successful ramp of our manufacturing capacity," said George Perlegos, president and chief executive. Sales growth was particularly strong in our proprietary AVR microcontroller product family.
Contrary to many other recent earnings reports, Atmel was not materially
impacted by the current weakness in the euro. "Atmel's large amount of U.S. dollar-based sales and euro-based costs act as a natural hedge against fluctuations in the value of the euro and the U.S. dollar," Perlegos said.