Applied Micro Circuits (Nasdaq: AMCC) is expected to report Q1 earnings on July 24. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Applied Micro Circuits's revenues will increase 31.3% and EPS will remain in the red.

The average estimate for revenue is $54.2 million. On the bottom line, the average EPS estimate is -$0.01.

Revenue details
 Last quarter, Applied Micro Circuits booked revenue of $56.3 million. GAAP reported sales were 16% higher than the prior-year quarter's $48.8 million.

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

EPS details
 Last quarter, non-GAAP EPS came in at $0.00. GAAP EPS were -$0.26 for Q4 compared to -$1.10 per share for the prior-year quarter.

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

Recent performance
 For the preceding quarter, gross margin was 62.4%, 540 basis points better than the prior-year quarter. Operating margin was -8.7%, much better than the prior-year quarter. Net margin was -31.3%, much better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $230.3 million. The average EPS estimate is $0.06.

Investor sentiment
 The stock has a one-star rating (out of five) at Motley Fool CAPS, with 124 members out of 158 rating the stock outperform, and 34 members rating it underperform. Among 33 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 23 give Applied Micro Circuits a green thumbs-up, and 10 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Applied Micro Circuits is outperform, with an average price target of $10.17.

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