EMCORE celebrates 15% revenue increase

EMCORE Corporation has revealed revenue intake for the first quarter of fiscal 2009 as having increased by 15% from the same period last year. The preliminary unaudited financial results for the quarter, ended December 31, 2008, showed a $7.2 million increase on last year’s takings. Compared to the preceding quarter, the company showed an 11% loss in revenue; however, the photovoltaics segment’s revenue increased both year-on-year and quarter-on-quarter.

Revenue for EMCORE’s photovoltaics segment was $14.9 million, a 15% increase from $12.9 million reported for the same period last year, and an increase of $0.4 million, or 3%, from $14.5 million in the preceding quarter. The photovoltaics segment represented 28% of EMCORE’s consolidated revenue for the first quarter of both fiscal 2009 and 2008.

The company has implemented cost-cutting measures over the past three months, including laying off approximately 160 people, or 17% of the company’s global staff base.

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