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$IDTI appointed Andy Lai as its new VP of Sales of Greater China and South Asia Pacific, and Country Manager for China. Lai's experience covers a wide range of products and markets, including cloud & networking, automotive, mobile, consumer electronics, telecom infrastructure, and industrial.
$IDTI said it has re-teamed with Samsung to deliver fast wireless charging for the latter’s slim profile Galaxy S8 and S8 models. The technology includes all the hardware and software needed to charge mobile devices without a wired connection. It will enable Samsung to fast integrate the magnetic secure transmission charge technology.
$IDTI said that in 2H17 revenue growth looks strong compared to what it is currently. The company also believes that there is an opportunity for GM expansion in 2H17 and therefore the guidance for GM is little over 61%. So the two things $IDTI is excited about in 2H17 is revenue growth and GM expansion.
$IDTI stated that its outlook in wireless power across all its major companies, including Samsung, is very robust. The company also added that it is confident of its competitive position. Additionally on OpEx, $IDTI said that there was a step up in 4Q17, but for rest of 2017, it would remain relatively flat in the range of about $70-71MM a quarter.
$IDTI reported a drop in 4Q17 earnings due to lower revenue, stock-based compensation expense, and acquisition and restructuring charges. Net income fell to $30.21MM or $0.22 per share from $81.61MM or $0.59 per share last year. Revenue dropped to $175.7MM from $189.4MM. Non-GAAP EPS decreased to $0.35 from $0.36.
$IDTI said its tender offer by its subsidiary Glider Merger Sub Inc. to buy all outstanding stock of $GIG at an offer price of $3.08 expired on April 3, 2017. American Stock Transfer & Trust Co., the depositary for the tender offer, has advised $IDTI that a total of 54.45MM shares of $GIG common stock were validly tendered in the tender offer.
$IDTI agreed to buy $GIG for cash consideration of $3.08 per share, or about $250MM in cash. The acquisition is structured as all-cash tender offer for all outstanding common stock of $GIG followed by merger in which balance $GIG shares would be converted into the same dollar per share consideration. The transaction will close in calendar 2Q17.
$IDTI reported a 6.7% YoverY rise in 3Q17 earnings to $34.7MM, or $0.25 per diluted share. On a non-GAAP basis, the company earned $0.35 per diluted share, flat YoverY. Revenue for the quarter totaled $176.4MM, slightly better than the midpoint of prior guidance range.
For 3Q17, $IDTI expects revenue to be approx. $176MM plus or minus $5MM. Revenue in the communications end market is expected to be up by approx. 3%. Revenues in computing is expected to decrease by approx. 7%. Consumer is expected to be down by about $8MM. Automotive & Industrial is expected to grow by 15% to approx. $19MM.
In $IDTI’s communications infrastructure end market, revenue dropped 17% sequentially. Total communications infrastructure revenues represented 35% of total company sales in 2Q17. In the consumer end market, revenue fell 4% sequentially to represent 20% of total company sales. Automotive & industrial end market sales formed 9% of total revenue.
$IDTI reported revenue growth of more than 8% YoverY in 2Q17, driven primarily by growth in consumer products and automotive and industrial businesses. In the high performance computing or data center end market, revenue increased 12% sequentially to represent 36% of total company sales.