RF Micro Devices posts fiscal 3Q profit but revenues fall shy of Wall Street forecast

RF Micro Devices swings to 3Q profit

GREENSBORO, N.C. — Shares of chip maker RF Micro Devices Inc. fell Wednesday after the company posted a profit for its fiscal third quarter but revenue didn’t meet Wall Street’s expectations.

The maker of chips for wireless communications devices, including cell phones and cable modems, said Tuesday it earned $24.9 million in the quarter, or 9 cents per share.

That compares with a loss of $788.5 million, or $3 per share, in the same quarter in 2008. The prior year’s quarter included a $750 million charge related to inventory and asset impairment.

Revenue rose by 24 percent to $250.3 million from $202 million.

Excluding one-time items, earnings would have been $38.8 million, or 14 cents per share, compared with a loss of $12.4 million, or 5 cents per share.

RF Micro beat the earnings expectation of analysts polled by Thomson Reuters, who on average were forecasting 12 cents per share. But it fell short of their revenue forecast of $251.6 million.

Shares of RF Micro, based in Greensboro, N.C., fell 17 cents or 4 percent, to close at $4.10 on Wednesday.