CHIP-MAKER VITESSE'S PROFITS SURGE TO RECORD.Byline: John Stebbins Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. News Vitesse Semiconductor Corp., the top maker of nonsilicon chips that speed up telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , said fiscal third-quarter profits rose 40 percent, more than expected, to a record because of best-ever sales. Net income increased to $19.4 million, or 24 cents a share, from $13.9 million, or 18 cents, in the year-ago period. It was expected to report 23 cents a share, the average estimate of analysts surveyed by First Call Corp. Revenue rose 58 percent to $73 million, from $46.1 million. Vitesse makes high-performance telecommunications semiconductors based on gallium arsenide An alloy of gallium and arsenic compound (GaAs) that is used as the base material for chips. Several times faster than silicon, it is used in high frequency applications such as cellphones, DVD players and fiber optics. rather that silicon. Those chips are harder to make, giving Vitesse a competitive edge, analysts said. Demand for high-speed telecommunications equipment is growing with increased Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the use. ``We saw continued strength in our focus areas, particularly in the Fibre Channel market,'' said Lou Tomasetta, Vitesse's president and chief executive. Fibre Channel is a technology for sending data faster. Shares rose 75 cents to $71.75. The quarterly report came after the close of trading in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Vitesse has gained about 57 percent this year. For the first three quarters, net income rose 44 percent to $52.5 million, or 64 cents a share, from $36.4 million, or 46 cents. |
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