WASHINGTON (dpa-AFX) - Rambus Inc. (RMBS), a provider of chips and IP solutions, reported a significant rise in profit for the first quarter that ended March 31, driven by robust growth across its product and royalty revenues.
Net income climbed to $60.3 million, or $0.56 per share, from $32.9 million, or $0.30 per share, in the prior-year quarter. Revenue grew 41 percent year-over-year to $166.7 million from $117.9 million, reflecting higher contributions from product sales and royalty payments.
Product revenue surged to $76.3 million from $50.4 million a year ago, while royalties rose sharply to $74.0 million from $47.5 million. Contract and other revenue, however, edged down to $16.4 million from $20.0 million in the same period last year.
Shares of Rambus closed Wednesday at $52.22, down $1.28 or 2.51 percent on the Nasdaq.
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