Shares of Newport Beach-based Conexant Systems Inc. rose after the company reported some sales and profit improvement in the quarter ended July 1, the chipmaker said Wednesday.
Conexant said sales grew 16% to $197.5 million, versus the March quarter. That was higher than a forecast of $190 million.
The company’s operating losses improved from $60 million in the previous quarter to $38.7 million in the most recent quarter.
But the company’s results were lower than a year earlier when Conexant posted sales of $268 million and a loss of $14.5 million.
Shares of Conexant were up about 11.6% to $2.11 in after-hours trading following the company’s earnings release.
“Our third fiscal quarter performance increases our confidence in completing the second phase of our recovery plan by steadily growing revenues, improving gross margins and concluding our cost-reduction efforts,” said Conexant Chief Executive Dwight Decker.
Decker said the company plans to post postive net income by the end of 2005.
