Vitesse Semiconductor Corp.’s (VTSS) fiscal second-quarter loss narrowed as the company recorded a decrease in expenses, though revenue continued to fall.
Shares jumped 16% to $3.25 after hours as Vitesse’s adjusted per-share results beat analyst expectations.
The maker of integrated circuits for communications networks had posted adjusted bottom-line results in the red in the prior five quarters. Sales have also declined in recent periods amid softening global demand.
“Although we expect continued market pressures, we are positioned to drive revenue growth from new products in the second half of the fiscal year,” said Chief Executive Chris Gardner.
For the period ended March 31, Vitesse reported a loss of $6.2 million, or 25 cents a share, compared with a year-earlier loss of $9 million, or 37 cents a share. Excluding stock-based compensation, loss on extinguishment of debt and other items, the most recent period’s earnings were break-even compared with a year-earlier loss of 9 cents a share.