Inphi Corporation (NASDAQ: IPHI) shares traded up 18.78% during the trading session of Thursday after the company shared its financial results for the third quarter ended September 30, 2020. Its third-quarter revenue jumped $180.7 million as compared to the $94.2 million revenue in the third quarter of 2019. Inphi has recorded an increase of 91.8% year-over-year.
The record jump in revenue was because of the increasing demands for Cloud and Telecommunication Products and the addition of eSilicon revenues. Semiconductors company has reported the Gross Margin under GAAP of 56.2% as compared to the 57.8% in the 2019 Q3. This decrease is because of the amortization of intangibles related to the eSilicon acquisition and product and revenue mix.
Furthermore, its GAAP operating income in the third quarter was $6.2 million as compared to the $10.9 million of revenue in 2019. Its GAAP net loss was $3.4 million per diluted common share as compared to the $16.2 million per diluted common share in the third quarter of 2019.
Inphi Corporation (NASDAQ: IPHI) shares were trading up 18.78% at $131.81 at the time of writing on Thursday. Inphi Corporation (IPHI) share price went from a low point around $55.72 to briefly over $142.00 in the past 52 weeks. It has a trading volume of 2.34 million as compared to the average volume of 939.90K. IPHI market cap has remained high, hitting $5.72 billion at the time of writing.
Furthermore, Marvell Technology has announced on Thursday that it has decided to buy a rival semiconductor company Inphi for $10 billion in all stock-and-cash deal. This is the second-largest deal of this week between Marvell and Inphi. Earlier this week, Advanced Micro Devices has acquired Xilinx for $35 billion. Marvell has decided to pay $66 a share in cash and 2.323 shares of stock for each share of Inphi. The deal values Inphi at roughly $157.83 a share.