Irvine memory products maker Netlist Inc. beat fourth-quarter profit expectations and upped its revenue outlook for the current quarter in its first reporting of results since going public in November.
Netlist, which raised about $44 million in its Nov. 29 offering, said it earned $2 million in the fourth quarter, reversing a loss of $304,000 a year earlier.
The profit was a third higher than Wall Street expected on average.
Sales at the company, which supplies circuit boards with memory chips to Dell Inc. and others, saw fourth-quarter sales rise 80% to $42 million.
The results “represent strong growth and profitability” and “stronger demand in our target markets,” Chief Executive Chuck Hong said.
For the current quarter, Netlist said it sees earnings of $1.6 million, in line with expectations, on sales of about $41 million. Analysts on average had expected $40 million in sales.
