Integrated circuit designer Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) reported a 61% jump in first quarter revenue, to $36.2 million, from $22.6 million in the corresponding quarter of 2009.
Net profit on the basis of generally accepted accounting principles (GAAP) in the first quarter was $5.2 million ($0.15 per share), 148% higher than the $2.1 million recorded in the first quarter of 2009 ($0.06).
Non-GAAP net profit for Yokne'am-based Mellanox in the first quarter was $10.4 million, or $0.29 per diluted share, 99% higher than the $5.2 million, or $0.15 per diluted share, in the first quarter of 2009.
Total cash and investments increased to $220.6 million at March 31, 2010.
Mellanox CEO Eyal Waldman said, “We continue to see growing worldwide adoption of our 10 Gigabit Ethernet adapters, and our industry-leading end-to-end InfiniBand connectivity solutions, including switch systems, adapters and cables in high-performance computing, enterprise, financial, Cloud, Web 2.0 and storage markets."
Mellanox shares rose to $25.44 yesterday, giving a market cap of $843.54 million. So far in 2010, its share price has risen 34.7%, from $18.89, its closing price on December 31, 2009.
Published by Globes [online], Israel business news - www.globes-online.com - on April 22, 2010
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