Posts gross profit of $27.8m
Chip design software provider Magma Design Automation, has reported revenue of $32.6m for its fiscal 2011 first quarter, up 13% from the $28.8m reported in the year-ago first quarter.
For the quarter ended 1 August 2010, the company posted a gross profit of $27.8m as compared to $24m in Q1 FY10.
Magma reported an operating income of $56,000 as compared to an operating loss of $2.4m in Q1 fiscal 2009. Net loss was $3.3m in Q2 FY10.
Rajeev Madhavan, chairman and chief executive officer of Magma, said: "We’re pleased that we again met or exceeded all our financial guidance and are off to a good start for the year
"The increasing traction of our products and the positive reaction we experienced at June’s Design Automation Conference indicate we are on the right track to increasing revenue, while continuing to improve our profitability."