Peregrine Semiconductor Corp. reported a net loss of almost $10 million on net revenue of $41.3 million for the three months ended March 29. Despite the loss of $9,993,000, the market reacted positively.
The business posted its financial results after the market closed May 5. Shares of Peregrine Semiconductor (Nasdaq: PSMI) closed May 6 at $5.60, up more than 9 percent from the previous day’s close.
In the same quarter one year ago, Peregrine reported a net loss of $1.2 million on net revenue of $46.6 million.
Peregrine Semiconductor reported having $12.4 million in cash, down from $16.2 million one year ago.
The business commercialized silicon on sapphire technology developed by the U.S. Navy at its Point Loma lab complex, now known as Spawar Systems Center Pacific.