Agere Reports First Profit and 11% Sequential Revenue Rise

Agere Systems reported its first quarterly profit since its IPO and its first quarter of positive cash flow from operations. Quarterly revenue was $504 million, up 11% compared to the prior quarter and up 3% compared to a year ago. Net earnings were $11 million or $0.01 per share. Agere said the revenue increase was driven by 18% sequential growth in its Client Systems business, with strength in sales of chips for cell phones, hard disk drives and other PC-related applications. Margins exceeded 40%.


John Dickson, president and CEO of Agere, described the quarter as the strongest in the company's history as a public company.
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