Applied Micro Circuits Corporation (AMCC) reported quarterly earnings results on Thursday, Apr-28-2016. The company said it had a profit of $-0.02 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $-0.03. The company posted revenue of $41.11 million in the period, compared to analysts expectations of $41.04 million. The company’s revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.07 EPS.
Many Wall Street Analysts have commented on Applied Micro Circuits Corporation. Company shares were Reiterated by Topeka Capital Markets on Apr 29, 2016 to “Hold”, Firm has raised the Price Target to $ 6.50 from a previous price target of $6 .
Applied Micro Circuits Corporation opened for trading at $6.39 and hit $6.56 on the upside on Wednesday, eventually ending the session at $6.51, with a gain of 1.56% or 0.1 points. The heightened volatility saw the trading volume jump to 3,34,485 shares. Company has a market cap of $544 M.
In a different news, on Aug 12, 2015, Douglas T Ahrens (Vice President and CFO) sold 4,000 shares at $6.48 per share price. According to the SEC, on Feb 25, 2015, Paramesh Gopi (CEO) purchased 10,000 shares at $4.95 per share price. On Feb 24, 2015, L. William Caraccio (VP General Counsel) purchased 3,000 shares at $4.67 per share price, according to the Form-4 filing with the securities and exchange commission.
Applied Micro Circuits Corporation (AMCC) provides silicon solutions for cloud infrastructure and data centers as well as connectivity products for edge metro and long haul communications equipment. The Company’s products are used in a variety of communications and other networking applications such as the infrastructure for data centers wide area networks carrier access networks and enterprise networks. Its products include the X-Gene ARM 64 bit Server on a Chip solution (X-Gene) along with the X-Weave family of connectivity products for cloud/hyperscale and enterprise applications. The Company also offers X-Weave family of connectivity products. Data center and enterprise networks continue to deploy computing and storage assets. The Company’s data center connectivity technology portfolio consisting of optical backplane and short reach copper solutions provides high-speed connectivity with increased port density.