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.

Strategic Highlights

  • 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