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Vimicro Continues in Red, Revs Beat Guidance
Fabless semiconductor company Vimicro International Corporation's (Nasdaq:VIMC) reported a net loss of $4.3 million in the third quarter of 2009, as compared with a net loss of $8.2 million in the prior quarter and $1.1 million in the third quarter of last year. The company made net revenue of $20.5 million, compared with $18.7 million reported in the second quarter of 2009 and $24.9 million in the third quarter of 2008. Vimicro Chairman and CEO Dr. John Deng explained the sequential increase of approximately 10 percent as being driven by a 54 percent quarterly increase in notebook camera processor sales.
Vimicro expects fourth quarter revenues to range between $23 million and $25 million, up 12-22% quarter-on-quarter.
During the quarter, Vimicro signed with Datang Telecom (600198.SH) subsidiary Leadcore Technology to provide technical solutions for China Mobile's (NYSE:CHL, 0941.HK) 3G handsets, while its joint venture Zhongxing Electronic Company agreed to acquire Alcatel-Lucent Shanghai Bell's Video Intelligent Surveillance System (ViSS) business.
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