SAN FRANCISCOEDA vendor Magma Design Automation Inc. reported sales of $30.7 million for the quarter ended Jan. 31, beating analysts' estimates and the company's own target.
Magma (San Jose, Calif.) posted a net loss in accordance with generally accepted accounting principles (GAAP) of $2.6 million, or 5 cents per share, narrowed significantly from a $77.8 million loss posted in the year-ago quarter.
Sales increased 1 percent compared with the year-ago quarter, Magma said.
"Magma performed very well in the third quarter, continuing a string of quarters where we beat our revenue guidance and generated cash," said Rajeev Madhavan, Magma chairman and CEO, in a statement.
For the current quarter, which ends May 2, Magma said it expects to report revenue of $32.5 million to $33 million and a GAAP net loss of 8 or 9 cents per share. Magma narrowed its revenue estimate for the company's fiscal year, which also ends May 2, to between $122 million and $122.5 million, compared with the previous range of $120 million to $125 million.