National Semiconductor Reports Quarterly Profit

National Semiconductor Corp. swung to a fiscal first-quarter profit from a loss a year earlier as higher demand from wireless-device makers offset weak demand in the personal-computer industry.

At the same time, National tempered expectations for the current quarter, forecasting revenue to be little changed to down 5% compared with the first quarter, below analysts’ forecasts.

Santa Clara, Calif.-based National Semiconductor posted net income in the first quarter ended Aug. 25 of $1.3 million, or 1 cent per share, compared with a net loss of $54.6 million, or 31 cents, a year earlier, when the chip industry was mired in its worst-ever downturn. Revenue rose to $420.6 million from $339.3 million, and was little changed from $419.5 million in the fourth quarter.

Shares of National rose 23 cents to $15.20 on the New York Stock Exchange.