GigPeak, Inc. (GIG), a tech stock trading under $3, has seen an increase in price and volume on Friday the 13th. This technology company is a leading innovator of semiconductor ICs and software solutions for high-speed connectivity and high-quality video compression over the Network and the Cloud. After opening at $2.18, the stock has seen more than 3x its average three month volume and price movement as much as 23% to highs of $2.6899.
In April, the company announced financial results for GigOptix, Inc. for its first quarter of fiscal year 2016, which ended March 27, 2016. The Q1 FY16 financial results do not include any contribution from Magnum Semiconductor, Inc., which was acquired on April 5, 2016.
Total revenue in Q1 FY16 was a record $11.4 million, and compares with revenue of $11.1 million in Q4 FY15, and $9.1 million in Q1 FY15.
Gross margin in Q1 FY16 was a record 68 percent, and compares with 65 percent in Q4 FY15, and 60 percent in Q1 FY15.