GAAP gross margin decreased sequentially from 19.0 percent to 17.3 percent, and non-GAAP gross margin decreased from 22.6 percent to 19.8 percent during the same period, primarily as a result of lower factory utilization rates. Operating loss was approximately ($56.5) million on a GAAP basis and approximately ($21.4) million on a non-GAAP basis, reflecting reduced revenue and gross profit. Net loss was approximately ($49.4) million on a GAAP basis and approximately ($25.4) million on a non-GAAP basis.
RFMD believes excess customer inventories were reduced in the March quarter, and demand activity has stabilized. RFMD is currently booked for sequential growth in the June quarter and expects to outpace the rate of growth of its primary markets during the same period.
Bob Bruggeworth, president and CEO of RFMD, said, "Despite the challenging macroeconomic environment, the RFMD team executed extremely well on a number of important Company goals. We took decisive steps to reduce manufacturing costs and operating expenses, and we lowered our requirements for future capital expenditures significantly.
"In the June quarter, we currently expect sequential revenue growth and significant gross margin expansion, resulting in approximately breakeven operating performance on a non-GAAP basis. Beyond the June quarter, we anticipate continued gross margin improvement, and we reiterate our gross margin target of 40 percent."