Applied Micro exceeds 2Q expectation, sets stock split

Applied Micro Circuits (Nasdaq: AMCC) surpassed the consensus analyst forecast in the second quarter.

After market close Wednesday, the maker of networking chips reported fiscal second quarter earnings of $35.7 million, or 26 cents per share, not counting special charges. First Call's survey of 14 analysts predicted a profit of 23 cents per share for the Applied Micro's second quarter.

The company also announced a 2-for-1 stock split.

Shares of Applied Micro rose to 176.25 in afterhours trading on the Island electronic communications network, immediately following the release of quarterly results. Applied Micro stock closed Wednesday's regular trading at 167.719, down 10.969 for the session along with other network chipmakers following an earnings warning from Lucent Technologies (NYSE: LU).

Including all expenses, Applied Micro earned $23.6 million, or 17 cents per share.

Second quarter revenue increased to $97 million, up 156 percent year-over-year and 31 percent sequentially. The company credited much of the increase to strong demand for OC-48 and OC-192 networks.

Bookings for the second quarter were $131.1 million, said Dave Rickey, chairman, president and CEO.

• Applied Micro Circuits trips on downgrade
• AMCC buys MMC Networks
• Applied Micro paces tech earnings>