Chip maker Transmeta Corp. reported a first-quarter net loss of US$13.2 million and earnings of $0.10 cents a share, narrowly beating the consensus estimate of Wall Street analysts.
Revenue for the quarter, which ended March 31, was $18.6 million, up 50.2 percent from the immediate prior quarter, Transmeta said in a statement. The Santa Clara, California-based startup recorded zero revenue in the year-ago quarter.
Analysts had expected the company to report a loss of $0.11 a share, according to six brokers polled by First Call/Thomson Financial.
The figures compare to a net loss of $16.7 million, or $0.56 a share, in the first quarter of fiscal 2000.
"We are extremely pleased with the dramatic increase in revenues for the quarter, which reflects continued customer adoption of our Crusoe microprocessor," Mark Allen, Transmeta's chief executive officer, said in a statement.
Transmeta's processors are used in range of portable computers from Sony Corp.'s Picturebook, which used a 667MHz Crusoe chip, to Casio Computer Co Ltd.'s Cassiopeia notebooks in Japan. Last month, Transmeta said it is one of the company whose chips are being used in trial versions of Microsoft Corp.'s Tablet PCs, along with rival Intel Corp. Transmeta said it expects revenue for the second quarter of 2001 to be similar to the first quarter. It expects to spend $26.1 million in research and development and selling, which is the same amount it spent in the first quarter.
Ahead of the news, Transmeta's (TMTA) shares enjoyed a strong day on the Nasdaq Thursday, ending the day at $24.60, up 34.4 percent from Wednesday's close.