Integrated Device Technology Inc. Earnings Cheat Sheet: Sees Profit Move Up

Falling revenue did not prevent Integrated Device Technology, Inc. (NASDAQ:IDTI) from reporting a profit boost in the second quarter. Integrated Device Technology designs, develops, manufactures and markets a broad range of low-power, high-performance mixed signal semiconductor solutions for the advanced communications, computing and consumer industries.

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Integrated Device Technology Earnings Cheat Sheet for the Second Quarter

Results: Net income for Integrated Device Technology, Inc. rose to $47.1 million (32 cents per share) vs. $20.2 million (13 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter.

Revenue: Fell 13.3% to $138.3 million from the year earlier quarter.

Quoting Management: “During our fiscal second quarter, we continued to streamline operations and introduce innovative mixed-signal solutions for our three target markets — communications infrastructure, cloud computing and consumer mobility,” said Dr. Ted Tewksbury, president and CEO of IDT. “Despite macroeconomic headwinds, we experienced strong sequential growth in Serial RapidIO switches for wireless base stations and timing solutions for consumer devices, as well as robust design activity for new products.”

Competitors to Watch: Texas Instruments Inc. (NYSE:TXN), Intel Corporation (NASDAQ:INTC), Cypress Semicond. Corp. (NASDAQ:CY), Maxim Integrated Products Inc. (NASDAQ:MXIM), ON Semiconductor Corp. (NASDAQ:ONNN), Exar Corporation (NASDAQ:EXAR), Pericom Semiconductor (NASDAQ:PSEM), Analog Devices, Inc. (NYSE:ADI), Silicon Laboratories (NASDAQ:SLAB), and Inphi Corporation (NYSE:IPHI).

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(Source: Xignite Financials)