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What: Shares of Peregrine Semiconductor (NASDAQ:PSMI) have skyrocketed today by as much as 14% after the company reported earnings.
So what: Revenue in the second quarter came in at $52.4 million, which translated into non-GAAP earnings per share of $0.03. Both results easily bested consensus estimates, which were calling for $49.2 million in revenue and an adjusted loss of $0.02 per share.
Now what: CEO Jim Cable said the company's newest RF products that support carrier aggregation on LTE-Advanced networks are performing well, and Peregrine recently inked a multiyear sourcing agreement with Murata. The company is positioned to expand beyond the handset market and address the wireless infrastructure market, among others. Third-quarter sales are expected in the range of $58 million to $62 million, with gross margin of 42% to 44%.
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Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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