RF Micro Devices, Inc. has reported a 15% Sequential Growth In Quarterly Revenue for the fiscal 2015 second quarter, ended September 27, 2014. On a GAAP basis, September quarterly revenue increased 15% sequentially and 17% year-over-year to $362.7 million. Gross margin for the September quarter expanded sequentially by 120 basis points to 46.2%, operating income was $75.3 million, and net income was $63.3 million, or $0.21 per diluted share.
On a non-GAAP basis, September quarterly revenue was $362.0 million. Gross margin expanded sequentially by 90 basis points to 48.0%, operating income was $100.1 million, or 27.6% of sales, and net income was $90.0 million, or $0.30 per diluted share. Revenue, gross profit, operating income, operating margin, and earnings per share were all quarterly records.
Strategic Highlights
- On September 5, 2014, the shareholders of RFMD and TriQuint Semiconductor, Inc. voted in favor of the pending business combination between RFMD and TriQuint, and RFMD continues to expect a successful close this calendar year, subject to required regulatory approvals and customary closing conditions
- At the request of customers, RFMD and TriQuint executed multiple three-way NDAs with leading smartphone manufacturers to accelerate highly integrated products to market, as early as next year
- RFMD's Cellular Products Group (CPG) commenced shipments of envelope tracking (ET) power management integrated circuits (PMICs) to a leading smartphone manufacturer in support of multiple basebands
- CPG supported new customer engagements for RF Fusion™, a complete RF front end solution for 4G world phones and tablets
- RFMD's Multi-Market Products Group (MPG) increased revenue 15% sequentially, supported primarily by high-performance Wi-Fi, 4G wireless infrastructure, and Gallium Nitride- (GaN-) related revenue
