Volterra Reports Q2 Financial Results Impacted by Inventory Correction
Volterra Semiconductor Corporation reported net revenue for the second quarter ended June 30, 2013 was $34.4 million, a 21% decrease from $43.6 million in the second quarter of 2012, and a 14% decrease from $39.9 million in the first quarter of 2013. GAAP net income was $0.7 million, or $0.03 per share (diluted), an 88% decrease from $6.0 million, or $0.22 per share (diluted) in the second quarter of 2012, and a 76% decrease from $3.0 million, or $0.12 per share (diluted), in the first quarter of 2013.
"Revenue came in at the low end of guidance as our notebook business declined as expected and we experienced a one quarter inventory correction with a server customer," said Volterra President and CEO Jeff Staszak. "Q3 orders are stronger at this point than this time last quarter and we are therefore encouraged about our short term outlook and longer term growth opportunities in our server storage, communications and energy businesses."
Volterra also reported net income and basic and diluted net income per share on a non-GAAP basis. Non-GAAP net income excludes the effect of stock-based compensation expense. Non-GAAP net income was $3.2 million, or $0.13 per share (diluted), in the second quarter of 2013, a 62% decrease from $8.5 million, or $0.32 per share (diluted), in the second quarter of 2012, and a 44% decrease from $5.8 million, or $0.22 per share (diluted), in the first quarter of 2013.