April 26, 2010 / 9:06 PM / 9 years ago

UPDATE 2-Volterra Q1 beats Street, sees strong Q2

* Q1 adj EPS $0.35 vs est $0.27

* Q1 rev $36.3 mln vs est $35.1 mln

* Shares up slightly in extended trade

* Sees Q2 results above expectations (Adds conference call details, outlook)

BANGALORE, April 26 (Reuters) - Chipmaker Volterra Semiconductor Corp VLTR.O posted quarterly results that exceeded Wall Street estimates, helped by strength in its server, notebook and communications businesses, and forecast a strong second quarter.

Volterra, which makes low-voltage power supply chips, forecast a second-quarter adjusted profit of 34 cents a share to 39 cents a share, on revenue of $39 million to $41 million. [ID:nWNAB2160]

Analysts’ on average had expected earnings of 28 cents a share on revenue of $36.2 million, according to Thomson Reuters I/B/E/S.

In the server and storage space, Volterra expects continued benefit from the upgrade cycle and better IT spending.

The company expects more modest growth in the third quarter, partly on continued strength in its server storage business, Chief Executive Jeff Staszak said on a call with analysts.

Q1 BEATS WALL STREET

For the first quarter, the company earned $7.7 million, or 30 cents a share, compared with a loss of $519,000, or 2 cents a share, in the year-ago period.

Excluding items, Volterra earned 35 cents a share, topping average analyst expectation of 27 cents a share, according to Thomson Reuters I/B/E/S.

Revenue nearly doubled to $36.3 million, higher than analysts’ estimate of $35.1 million.

The company’s better-than-expected results come on the backdrop of strong earnings and forecasts from bellwether Intel Corp (INTC.O), which had buoyed the technology sector with hopes of recovery two weeks ago.

Shares of the company, whose customers include Hewlett-Packard (HPQ.N), edged up slightly to $28.75 in extended trade. They closed at $28.19 Monday on Nasdaq.

For the alerts, click here. [ID:nWNAB2113] (Reporting by Deepti Govind in Bangalore; Editing by Aradhana Aravindan)

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