Vitesse Semiconductor Corp New (VTSS) Misses Q2 EPS by 1c

Vitesse Semiconductor Corp New (NASDAQ: VTSS) reported Q2 EPS of ($0.07), $0.01 worse than the analyst estimate of ($0.06). Revenue for the quarter came in at $25.6 million versus the consensus estimate of $26.27 million.

“Vitesse’s new product revenue was $11.5 million, up 29% sequentially, and now 46% of product revenue. We expect new product revenue to sustain strong growth in the second half and throughout 2015,” said Chris Gardner, CEO of Vitesse.

“We are very pleased with the traction of our new product portfolio in the market. Our success in converting design wins to growing new product revenue, expanding relationships with existing customers and winning new major customers has given us increased confidence in our position in the market and our business model going forward. Design win performance is the primary leading indicator for future growth. In the first half of 2014, total new product wins increased more than 40% from the year ago period. Vitesse’s Carrier Ethernet switch engines are leading our success, with wins for just these products up nearly 100% from last year. Strong momentum is being driven by our core Carrier and Enterprise markets, as well as accelerating traction in Ethernet-based IoT, which now represent over 25% of our design wins.”

For earnings history and earnings-related data on Vitesse Semiconductor Corp New (VTSS) click here.

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