At the same time RF Micro was announcing record revenues, the radio frequency integrated circuit manufacturer also made another move into the wireless arena with an acquisition.

Shares of RF Micro stock soared $1.13, or 15 percent, to $8.66 on Tuesday.

All thouse gains were given back – and more – on Wednesday, however, following a downbeat forecast from Motorola, which is a big RF Micro customer. RFMD closed the day down $1.75 a share, or 20 percent, to $6.91.

RF Micro (Nasdaq: RFMD) said Tuesday it had acquired privately held Resonext Communications, Inc. Resonext focuses on the 802.11b wireless local area network standard, one of the fastest growing segments in the communications industry.

“Our goal is to become the leading provider of WLAN chipsets,” said RF Micro’s Jerry Neal, executive vice president of marketing and strategic development. “We surveyed the WLAN market and did not find a company more complimentary to ours than Resonext.”

Resonext, which is based in San Jose, CA, employees 90 people — 70 of whom are engineers, according to RFMD. Of those, 70 percent hold advanced degrees.

Resonext has filed for 23 patents in wireless technology. The California firm has raised $68.5 million in venture capital.

RF Micro said the purchase will be based on new RFMD stock valued at $133 million. Resonext is expected to have $30 million in cash on hand when the deal closes, RF Micro added.

Also Tuesday, RF Micro said its quarterly revenues hit $119.7, a 15.2 percent increase from the previous quarter and 21.8 percent higher than one year ago. Earnings per share rose to four percent.

Of the revenues, $8 million came in the WLAN segment, a 36 percent increase, the company said.

RF Micro also forecast revenues of between $128 million and $132 million through the end of the year.

RF Micro: