LSI (NYSE: LSI) reported earnings on July 25. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended July 1 (Q2), LSI beat expectations on revenue and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue increased significantly and GAAP earnings per share dropped significantly.

Gross margins increased, operating margins expanded, and net margins dropped.

Revenue details
LSI reported revenue of $659.6 million. The 14 analysts polled by S&P Capital IQ expected to see a top line of $644.3 million on the same basis. GAAP reported sales were 32% higher than the prior-year quarter's $500.6 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $0.21. The 14 earnings estimates compiled by S&P Capital IQ forecast $0.18 per share. GAAP EPS of $0.10 for Q2 were 80% lower than the prior-year quarter's $0.49 per share. (The prior-year quarter included $0.43 per share in earnings from discontinued operations.)

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 53.6%, 610 basis points better than the prior-year quarter. Operating margin was 10.2%, 360 basis points better than the prior-year quarter. Net margin was 8.9%, 4,980 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $657.0 million. On the bottom line, the average EPS estimate is $0.18.

Next year's average estimate for revenue is $2.59 billion. The average EPS estimate is $0.74.

Investor sentiment
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on LSI is outperform, with an average price target of $10.81.

New mobile devices are changing the game -- and potential profitability -- at many semiconductor companies. Some will fail, some will tread water, and those in the right devices will shine. Where does LSI fit in? Who will lead going forward? Check out "3 Hidden Winners of the iPhone, iPad, and Android Revolution." Click here for instant access to this free report.