Mindspeed Technologies Inc.’s shares climbed more than 4% in afterhours trading after the Newport Beach chipmaker edged analysts’ estimates during the quarter ended Sep. 30.
The company narrowed its loss to $4.3 million during the quarter from $9.5 million in the previous quarter and more than $25 million in net losses a year ago.
Analysts surveyed by Thomson Financial had expected losses of $5.16 million during the quarter.
Revenue came in at the high end of recently raised guidance.
Mindspeed reported sales of $31.1 million, up 12% compared to the June quarter and 17% higher than the year-ago period.
The company upped its guidance Sep. 13 for the quarter from 5% to 10% growth up to 8% to 12% growth.
Analysts’ sales estimates for the quarter were $30.6 million.
“We made significant progress on our path to profitability,” said Raouf Halim, Mindspeed’s chief executive. “Our book-to-bill ratio improved over the prior quarter and conditions continued to strengthen worldwide for our end markets.”
Sales of its wireless networking chips were particularly strong, growing 27 sequentially during the quarter.
The company said it expected sales to climb 5% to 8% sequentially in the quarter ending Dec. 31 and for a pro forma loss of about $3 million compared to a $4.1 million pro forma loss in the September quarter.
