SiRF Technology Swings to Quarterly Profit
SiRF Technology Holdings reported a quarterly profit but results fell short of Wall Street analysts' expectations.
The company reported income of $2.8 million, or 5 cents a share in the first quarter, compared with a net loss of $11 million, or 22 cents a share, in the year-ago period. Excluding acquisition-related charges, SiRF reported earnings of 21 cents a share.
Revenue rose 28% to $67.3 million from $52.7 million.
Analysts polled by Thomson Financial expected earnings of 22 cents a share on revenue of $67 million.
The San Jose, Calif.-based company provides global positioning systems components and software for GPS navigation equipment makers such as Garmin and TomTom, as well as Research in Motion and Motorola .
SiRF is currently locked in a patent infringement case with Global Locate, a privately-held chipmaker for mobile phones.