RF Micro Devices Inc., a global leader in the design and manufacture of high-performance radio frequency solutions, reported financial results for the company's fiscal 2014 first quarter, ended June 29, 2013.
Quarterly revenue increased approximately 4.4 percent sequentially and 45 percent year-over-year to a record $293.0 million, compared to $280.6 million in the prior quarter and $202.7 million in the corresponding period of fiscal 2013. The sequential and year-over-year increases in revenue reflected broad-based adoption of RFMD's best-in-class RF solutions.
GAAP gross margin for the June 2013 quarter was 31.9 percent, quarterly operating income was $3.2 million, and quarterly net income was $1.6 million, or $0.01 per share.
On a non-GAAP basis, gross margin expanded by 70 basis points sequentially and 100 basis points year-over-year to 35.1 percent, quarterly operating income totaled $28.0 million, and quarterly net income was $25.6 million, or $0.09 per diluted share.
RFMD's Cellular Products Group (CPG) achieved highly-diversified, year-over-year revenue growth of 56 percent, led by nearly every major manufacturer of smartphones, tablets, and handsets, across all tiers and air standards
CPG benefited in the entry smartphone segment from participation on major reference designs and expanding customer engagements at Lenovo, Coolpad, Skycom, WaterWorld, and others
CPG enjoyed increasing industry adoption of its envelope tracking and antenna control solutions
CPG's leading carrier aggregation switch portfolio was selected to enable the world's first LTE-Advanced handset
RFMD's Multi-Market Products Group (MPG) delivered broad-based sequential revenue growth across multiple markets, including WiFi, Power Broadband, and Hi-Rel applications
Year-over-year, MPG achieved 10.4 percent growth, with high-performance WiFi growing 77 percent, led by expanding participation on leading consumer premises equipment platforms