Inphi reported Q1 2019 revenue of $82.2 million on GAAP basis, up 36.7% year-over-year, compared with $60.1 million in the first quarter of 2018. The increase was due to higher demand for both telecom and datacenter products.
Gross margin under GAAP in the first quarter of 2019 was 57.9%, compared with 54.1% in the first quarter of 2018. The increase in gross margin primarily reflects a change in the product mix. There was a GAAP operating loss of $15.5 million or (18.8%) of revenue, compared to GAAP operating loss in the first quarter of 2018 of $28.0 million or (46.5%) of revenue. The decrease in operating loss was mainly due to higher revenue. GAAP net loss for the first quarter of 2019 was $22.7 million or ($0.51) per common share, compared with $23.0 million or ($0.53) per common share in the first quarter of 2018.
“Year-over-year revenue growth of 37% coupled with Non-GAAP gross and net operating margin expansion resulted in Q1 Non GAAP EPS that exceeded the midpoint of our outlook by $0.05,” said Ford Tamer President and CEO of Inphi Corporation. “Our strong Q1 benefited from robust demand for both Telecom products, Coherent M200 DSPs, TiAs and drivers as well as the Data Center 50, 100, 200 and 400G PAM4 DSPs, TiAs and drivers. We also benefited from the start of the 5G backhaul infrastructure buildup.”
