TechFaith Q2 2010 Profit Up 62% YoY
TechFaith PR, 8/17/10
Mobile phone design house China TechFaith Wireless Communication Technology (Nasdaq: CNTF) has announced its unaudited financial results for the second quarter ended June 30, 2010, with net revenue of USD 65.5 mln (RMB 447.0 mln), a 7.6% increase compared to USD 60.9 mln (RMB 415.8 mln) in the first quarter of 2010 and a 31.5% increase compared to USD 49.8 mln (RMB 340.1 mln) in the second quarter of last year.
Net income attributable to TechFaith for the second quarter of 2010 was USD 7.3 mln (RMB 49.8 mln), a 5.8% increase compared to USD 6.9 mln (RMB 47.1mln) in the first quarter of 2010 and a 62.2% increase compared to USD 4.5 mln (RMB 30.7 mln) in the same quarter of last year.
Revenues from the original developed products (ODP) segment, which focuses on selling products designed by TechFaith, which includes revenue from product sales and handset design, was USD 56.3 mln, up 11.5% YoY and 3.4% QoQ.
Revenue from the brand name phone sales segment, which includes revenue from selling phones under licensed brands or brands owned by TechFaith's subsidiary Qigi Technology (Beijing) Co., Ltd., was USD 7.6 mln, up 31.7% QoQ (this revenue segment was not reported in Q2 2009).
Revenue from TechFaith's online and mobile games segment reached USD 1.5 mln, up 18.1% QoQ, with no revenue reported for this segment in Q1 2009.
TechFaith currently expects revenue to be in the range of USD 66.0 mln to USD 68.0 mln for the third quarter of 2010.
To view TechFaith's full earnings report for the quarter, please click here.
Keywords: design house profit revenue wireless TechFaith CNTF Q2 2010 fiscal report guidance handset Qigi
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