Exhibit 99.1

Inphi Corporation Announces Third Quarter 2011 Results

SANTA CLARA, Calif., October 26, 2011 – Inphi Corporation (NYSE: IPHI), a leading provider of high-speed analog semiconductor solutions for the communications and computing markets, today announced financial results for its third quarter ended September 30, 2011.

Revenue for the third quarter of 2011 was $16.5 million, compared with $21.9 million for the third quarter of 2010.

As reported under U.S. generally accepted accounting principles (GAAP), net loss for the third quarter of 2011 was $2.6 million, or ($0.10) per diluted common share, compared with GAAP net income of $3.6 million, or $0.05 per diluted common share, for the third quarter of 2010. GAAP net income and earnings per share for 2010 reflect in part a large income tax benefit recorded in 2010 related to the release and reversal of valuation allowances against deferred tax assets provided in previous periods.

Gross margin on a GAAP basis for the third quarter of 2011 was 60.1% of revenue, compared with 65.4% of revenue for the third quarter of 2010.

Inphi reports gross margin, net income, and earnings per share in accordance with GAAP and on a non-GAAP basis. A reconciliation of the GAAP to non-GAAP gross margin, net income, and earnings per share, as well as a description of the items excluded from the non-GAAP calculations, is included in the financial statements portion of this news release.

Gross margin on a non-GAAP basis for the third quarter of 2011 was 65.2% of revenue, compared with 65.5% for the third quarter of 2010.

Inphi announced in August 2011 that it had discontinued the sale of some acquired legacy products in Taiwan and transitioned the site to be a design-only center. As a result, the company recorded $1.6 million in a restructuring expense, primarily comprised of the write-off of certain intangible assets, as reflected in this quarter’s GAAP financial statements.

Non-GAAP net income for the third quarter of 2011 was $0.2 million, or $0.01 per diluted common share. This compared with non-GAAP net income of $2.6 million, or $0.13 per diluted share, for the third quarter of 2010. Non-GAAP diluted earnings per share was lower in the third quarter of 2011 due to lower non-GAAP net income, a higher number of shares outstanding related to the company’s issuance of common shares and the conversion of preferred shares into common shares, both in connection with the company’s initial public offering.

“Q3 was a tough quarter,” said Young K. Sohn, President and CEO of Inphi. “Inphi is experiencing near-term macroeconomic headwinds as a part of supply chains that have focused on minimizing inventory risk. As a product cycle-driven company, we expect growth to resume upon the introduction of exciting next-generation platforms. Despite these near-term challenges, our design win pipeline continues to grow. We expect our iMB™ and RDIMM products to benefit from strong demand for next-generation computing platforms in early 2012. In addition, now that our new 100GbE iPHY™ CMOS solutions are sampling, we are working hard to

translate the high degree of interest into additional design wins in both the networking and data center markets. We believe strongly in our growth opportunities for 2012 and beyond.”

Recent Highlights

Nine Months 2011 Results

For the nine months ended September 30, 2011, revenue was $62.0 million, consistent with revenue for the first nine months ended September 30, 2010. GAAP net income for the nine months ended September 30, 2011 was $2.2 million, or $0.08 per diluted share, on approximately 29.4 million diluted weighted average common shares outstanding. This compared with GAAP net income of $23.2 million, or $0.46 per diluted share, on approximately 5.6 million diluted weighted average common shares outstanding for the nine months ended September 30, 2010.

Non-GAAP net income for the nine months ended September 30, 2011 was $7.0 million, or $0.24 per diluted weighted average common share outstanding. This compared with non-GAAP net income of $7.5 million for the nine months ended September 30, 2010, or $0.37 per diluted weighted average common share outstanding, including the assumed conversion of preferred shares into common shares related to the initial public offering, for the nine months ended September 30, 2010.

Business Outlook

The following statements are based on our current expectations for the fourth quarter of 2011. These statements are forward-looking and actual results may differ materially.

Quarterly Conference Call Today

Inphi plans to hold a conference call at 5:00 p.m. Eastern Time/2:00 p.m. Pacific Time today with Young K. Sohn, President and Chief Executive Officer, and John S. Edmunds, Vice President and Chief Financial Officer, to discuss third quarter of 2011 results.

The call can be accessed by dialing 866-831-6234; international callers should dial 617-213-8854, participant passcode: 31248946. Please dial-in ten minutes prior to the scheduled conference call time. A live and archived webcast of the call will be available on Inphi’s Website at http://investors.inphi.com for up to 30 days after the call.

About Inphi

Inphi Corporation is a leading provider of high-speed analog semiconductor solutions for the communications and computing markets, providing high signal integrity at leading-edge data speeds that are designed to address bandwidth bottlenecks in networks, minimize latency in computing environments and enable the rollout of next generation communications infrastructure. Inphi’s solutions provide a vital interface between analog signals and digital information in high-performance systems, such as telecommunications transport systems, enterprise networking equipment, enterprise and data center servers, storage platforms, test and measurement equipment and military systems. To learn more about Inphi, visit www.inphi.com.

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Cautionary Note Concerning Forward-Looking Statements

Statements in the press release and certain matters to be discussed on the third quarter of 2011 conference call regarding Inphi Corporation, which are not historical facts, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements may be identified by terms such as believe, expect, may, will, provide, could, and should, and the negative of these terms or other similar expressions. These statements, including statements relating to expectations of future revenue, stock-based compensation expenses, net income and operating margin performance, benefits of using non-GAAP financial measures, our growth, future success for various products, the demand for our solutions, our ability to enable the rollout of next generation products, and other operating prospects. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including: the Company’s ability to sustain profitable operations due to its history of losses and accumulated deficit; dependence on a limited number of customers for a substantial portion of revenue and lack of long-term purchase commitments from our customers; product defects; risk related to intellectual property matters, lengthy sales cycle and competitive selection process; lengthy and expensive qualification process; ability to develop new or enhanced products in a timely manner; development of the markets that the Company targets; market demand for the Company’s products, reliance on third parties to manufacture, assemble and test products; ability to compete and other risks inherent in fabless semiconductor businesses. In addition, actual results could differ materially due to changes in tax rates or tax benefits available, changes in claims that may or may not be asserted, as well as changes in pending litigation. For a discussion of these and other related risks, please refer to Inphi Corporation’s recent SEC filings, including its Registration Statement on Form S-1, as amended, which are available on the SEC’s website at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Inphi Corporation undertakes no obligation to update forward-looking statements for any reason, except as required by law, even as new information becomes available or other events occur in the future.

Inphi, the Inphi logo and Think fast are registered trademarks of Inphi Corporation. iMB and iPHY are trademarks of Inphi Corporation. All other trademarks used herein are the property of their respective owners.

Corporate Contact:

Kim Markle

Inphi

408-217-7329

kmarkle@inphi.com

INPHI CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands of dollars, except share and per share amounts)

(Unaudited)

The following table presents details of stock-based compensation expense included in each functional line item in the consolidated statements of operations above:

INPHI CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands of dollars)

(Unaudited)

INPHI CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

(in thousands of dollars, except share and per share amounts)

To supplement the financial data presented on a GAAP basis, the Company discloses certain non-GAAP financial measures, which exclude stock-based compensation, taxes related to the transition to a more international business structure, release of the valuation allowance on our deferred tax assets and restructuring charges of Taiwan subsidiary. It also includes the assumed conversion of all outstanding shares of preferred stock into shares of common stock which occurred in connection with the initial public offering. These non-GAAP financial measures are not in accordance with GAAP. These results should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. The Company believes that its non-GAAP financial information provides useful information to management and investors regarding financial and business trends relating to its financial condition and results of operations because it excludes charges or benefits that management considers to be outside of the Company’s core operating results. The Company believes that the non-GAAP measures of gross margin, net income, earnings per share and weighted average shares outstanding in combination with the Company’s financial results calculated in accordance with GAAP, provide investors with additional perspective and a more meaningful understanding of the Company’s ongoing operating performance. In addition, the Company’s management uses these non-GAAP measures to review and assess the financial performance of the Company, to determine executive officer incentive compensation and to plan and forecast performance in future periods. The Company’s non-GAAP measurements are not prepared in accordance with GAAP, and are not an alternative to GAAP financial information, and may be calculated differently than non-GAAP financial information disclosed by other companies.

INPHI CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

(in thousands of dollars, except share and per share amounts)

(Unaudited)

The Company excludes this item when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.