SAN FRANCISCOMaxim Integrated Products Inc. Thursday (April 30) posted net revenue of $339.7 million for its fiscal third quarter ended March 28, besting company guidance for the term.
Maxim in January projected that revenue for the quarter would be between $290 million and $330 million.
Maxim (Sunnyvale, Calif.) narrowed its quarterly net loss to $26.4 million, based on generally accepted accounting principles (GAAP), from a GAAP net loss of $38.8 million in the previous quarter. In the year-ago quarter,
Maxium reported a GAAP net income of $61 million.
Revenue was down 17 percent compared with the previous quarter and 43 percent compared with the year-ago quarter.
Fiscal third quarter bookings increased by 13 percent compared to the prior quarter, Maxium said, and the company's 90-day backlog increased by 15 percent to $238 million.
Maxium said it expects revenue for the current quarter to increase to between $350 million and $380 million.
Tunc Doluca, Maxim president and CEO, said through a statement that the company exceeded its fiscal third quarter revenue expectations, driven largely by recent design wins in cell phones that began to ship in volume. Visibility continues to be limited and the economic environment uncertain, he added.