MACOM reported revenue of $130.9 million for its fiscal first quarter ended December 29, 2017, a decrease of 13.7%, compared to $151.8 million in the previous year fiscal first quarter and a decrease of 21.3% compared to $166.4 million in the prior fiscal quarter.
The company cited difficulties in China.
The was a GAAP net loss from continuing operations was $17.0 million, or $0.49 loss per diluted share, compared to net loss from continuing operations of $2.2 million, or $0.04 loss per diluted share, in the previous year fiscal first quarter and net loss from continuing operations of $1,000, or $0.21 loss per diluted share, in the prior fiscal quarter.
Non-GAAP adjusted gross margin was 53.7%, compared to 57.2% in the previous year fiscal first quarter and 58.1% in the prior fiscal quarter;
“As expected, the first quarter was challenging across the board, as we dealt with the full impact of the geopolitical downturn in China,” remarked John Croteau, President and CEO of MACOM. “While it is still too early to call the exact slope of the recovery, we continue to believe that December was the bottom of the cycle for MACOM, and we expect demand will progressively strengthen through the remainder of the year.
“We expect 2018 will be a transitional year in our served markets, as the technology landscape shifts in anticipation of the next major wave of infrastructure investments in Cloud Data Centers and 5G Telecom. Although these shifts will likely moderate the pace of recovery, we believe they will ultimately lead to multiple breakout opportunities that play directly to our strengths.”
