Magma releases first-quarter financial results

Magma Design Automation, a provider of chip design software, has reported revenue of $32.6m (£21m) for its fiscal 2011 first quarter ended 1 August 2010 − up 13 per cent from the $28.8m reported in the year-ago first quarter.

Magma reported a GAAP net loss of $3.3m, or $0.06 per share, for the first quarter, compared with a net loss of $4.3m, or $0.09 per share, for the year-ago first quarter.

Magma’s non-GAAP net income was $2.9m for the quarter, or $0.06 per basic share and $0.05 per diluted share, which compares with $1.7m, or $0.03 per share, for the year-ago first quarter.