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UPDATE 1-Mindspeed Q1 earnings beat Wall Street
January 24, 2011 / 10:16 PM / 7 years ago

UPDATE 1-Mindspeed Q1 earnings beat Wall Street

* Q1 Adj EPS $0.09 vs est $0.06

* Q1 rev $40.5 mln, in line

* Sees Q2 rev $36.9-$39.1 mln vs est $38.7 mln

Jan 24 (Reuters) - Chipmaker Mindspeed Technologies Inc MSPD.O posted higher-than-expected quarterly earnings and forecast second-quarter revenue, the high end of which came marginally above analysts’ expectations.

The Newport Beach, California-based company, which competes with Applied Micro Circuits Corp AMCC.O and PMC-Sierra Inc PMCS.O, expects second-quarter revenue of $36.9-$39.1 million, while analysts are expecting revenue of $38.7 million, according to Thomson Reuters I/B/E/S.

For the October-December quarter, net income for the company was $1.7 million, or 5 cents a share, compared with a loss $160,000, or 1 cent a share, a year ago.

Excluding items, the company earned 9 cents a share.

Revenue for the company, which counts Alcatel-Lucent ALUA.PA ALU.N, Cisco Systems (CSCO.O) and Huawei Technologies [HWT.UL] as its customers, rose 9.5 percent to $40.5 million. Analysts were expecting earnings of 6 cents a share, on revenue of $40.5 million.

The company’s shares, which have lost about 6 percent of their value since Mindspeed reported fourth-quarter results in November, were trading up 5 cents at $7.05 after the bell.

They closed at $7.00 on Monday on Nasdaq. (Reporting by Aditi Sharma in Bangalore; Editing by Vyas Mohan)

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