Magma Design Automation Inc., a provider of chip design software, posted a smaller net loss for its fiscal fourth quarter Thursday, with revenue and adjusted earnings above Wall Street's expectations thanks to strong performance in its main product groups.
For the three months ended May 2, the company posted a net loss of $728,000, or 1 cent per share, compared with a loss of $9.9 million, or 21 cents per share, in the same period a year earlier.
Adjusted earnings were 6 cents per share in the latest quarter.
Revenue slid 1 percent to $33.6 million from $34.1 million.
Analysts, on average, were expecting a profit of 4 cents per share on revenue of $32.9 million, according to a poll by Thomson Reuters.
For the full year, the company posted a net loss of $3.3 million, or 7 cents per share, compared with a loss of $129.2 million, or $2.89 per share, a year earlier.
Revenue fell 16 percent to $123.1 million from $147 million.
Magma forecast a net loss of 6 cents to 7 cents per share for the current quarter, and adjusted earnings of 2 cents to 3 cents per share. It expects revenue of $31 million to $31.5 million.
Shares rose 11 cents, or 3.6 percent, to $3.18 in after-hours trading. The stock had closed up 11 cents, or 3.7 percent, at $3.07.