Exhibit 99.1

For investor information contact:

Heidi Flannery, Investor Relations

(510) 743-1718

investor@volterra.com

Volterra Reports Third Quarter Financial Results and Increases Share Repurchase Plan

FREMONT, Calif., October 25, 2010 — Volterra Semiconductor Corporation (Nasdaq: VLTR), a leading provider of high-performance analog and mixed-signal power management semiconductors, today reported financial results for its third quarter ended September 30, 2010.

Net revenue for the third quarter of 2010 was $41.6 million, a 40% increase from $29.7 million in the third quarter of 2009, and a 3% increase from $40.2 million in the second quarter of 2010. GAAP net income was $8.4 million, or $0.32 per share (diluted), a 144% increase from $3.4 million, or $0.14 per share (diluted) in the third quarter of 2009, and a 7% decrease from $9.0 million, or $0.34 per share (diluted), in the second quarter of 2010.

Volterra also reported net income and basic and diluted net income per share on a non-GAAP basis. Non-GAAP net income excludes the effect of stock-based compensation expense, net of tax. Non-GAAP net income was $10.2 million, or $0.39 per share (diluted), for the third quarter of 2010, a 112% increase from $4.8 million, or $0.19 per share (diluted), in the third quarter of 2009, and a 4% decrease from $10.5 million, or $0.40 per share (diluted), in the second quarter of 2010.

“We were pleased to achieve record revenue led by our notebook business, and to deliver revenue and earnings within our guidance,” said Volterra President and CEO Jeff Staszak.

Volterra also announced that its Board of Directors recently approved an expansion of its previously authorized share repurchase plan by an additional $15 million.

Repurchases under Volterra’s repurchase plan may be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. The repurchases shall be made in compliance with applicable rules and regulations and may be made under a plan that complies with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Earnings Conference Call

Volterra will be conducting a conference call today at 5:30 p.m. (EST). To access the conference call, investors can dial (877) 941-8631approximately ten minutes prior to the initiation of the teleconference. International and local participants can dial (480) 629-9822. Investors should reference Volterra. A digital replay of the conference call will be available until midnight on Monday, November 1, 2010. To access the replay, investors should dial (800) 406-7325 or (303) 590-3030 and enter access code 4372994#. A webcast of the conference call also will be available from the Investors section of the Company’s website at: http://www.volterra.com until midnight on Monday, November 22, 2010.

About Volterra Semiconductor Corporation

Volterra Semiconductor Corporation, headquartered in Fremont, CA, designs, develops, and markets leading edge silicon solutions for low-voltage power delivery. The Company’s product portfolio is focused on advanced switching regulators for the computer, datacom, storage, and portable markets. Volterra operates as a fabless semiconductor company utilizing world-class foundries for silicon supply. The company is focused on creating products with high intellectual property content that match specific customer needs. For more information, please visit http://www.volterra.com.

Non-GAAP Financial Measures

Volterra provides all information required in accordance with generally accepted accounting principles (GAAP), but it believes that evaluating its financial results may be difficult if limited to reviewing only GAAP financial measures. Volterra’s management believes the non-GAAP information provided is useful to investors and other users of its financial information and its inclusion with our financial results is warranted for several reasons:

* it can enhance the understanding of Volterra’s financial performance by adjusting for special, non-recurring items that may obscure results and trends in our core operating performance, particularly in reconciling differences between reported income and actual cash flows;

* it can provide consistency in reviewing Volterra’s historical performance between periods, as well as allowing for better comparisons of Volterra’s performance with similar companies in Volterra’s industry;

* it allows users to evaluate the results of the business using the same financial measures that management uses to evaluate and manage Volterra’s internal planning, budgeting and operations; and

* it provides investors with additional information used by management, its board of directors and committees thereof, to determine management compensation.

Volterra’s management reports and uses calculations of (i) non-GAAP gross margin and non-GAAP gross margin as a percent of revenue, which represents gross margin excluding the effect of stock-based compensation; (ii) non-GAAP income from operations (and its components, non-GAAP research and development expense, non-GAAP selling, general, and administrative expense, non-GAAP total operating expenses, and including non-GAAP gross margin as indicated above) as well as non-GAAP operating margin as a percent of revenue which represent income from operations and its components excluding the effect of stock-based compensation and special items such as restructuring charges, net of tax; (iii) non-GAAP annual effective tax rate and the associated non-GAAP income tax expense, which represents the effective tax rate without the effect of stock-based compensation and income tax expense recalculated excluding the effect of stock-based compensation and special items on non-GAAP income before tax; and

(iv) non-GAAP net income (and its components listed above), non-GAAP net margin as a percent of revenue, and non-GAAP diluted net income per share, which represents net income and diluted net income per share excluding the effect of stock-based compensation expense and special items such as restructuring charges, net of tax.

Investors should note that the non-GAAP financial measures used by Volterra may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies. Whenever Volterra discloses such a non-GAAP financial measure, it provides a reconciliation of non-GAAP financial measures to what it believes to be the most closely applicable GAAP financial measure. A reconciliation of GAAP net income to non-GAAP net income is included in the financial statements portion of this release and at the Investors section of our website at www.volterra.com. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure. Volterra does not provide a non-GAAP reconciliation for non-GAAP estimates on a forward-looking basis, as it believes it is unable to provide a meaningful or accurate calculation or estimation of stock based compensation or income tax expenses or other special items without unreasonable effort.

Forward-Looking Statements:

This press release regarding financial results for the quarter ended September 30, 2010 contains forward-looking statements based on current expectations of Volterra. The words “expect,” “will,” “should,” “would,” “anticipate,” “project,” “outlook,” “believe,” “intend,” and similar phrases as they relate to future events are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Volterra but are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: risks related to our ability to maintain revenue growth or other financial results; risks related to our dependence on a limited number of customers; risks related to the limited markets we operate in and the limited number of products we sell; risks related to the quality of our products or the management of our inventory; risks related to our relationship with our vendors and contractors; intellectual property litigation risk; and other factors detailed in our filings with the Securities and Exchange Commission, including the annual report on Form 10-K filed on March 3, 2010 and quarterly report on Form 10-Q filed on August 2, 2010. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Volterra undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.

VOLTERRA SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
	2010		2009			2010		2009
Net revenue	$	41,556	$	29,687		$	118,091	$	70,751
Cost of revenue *		16,053		12,097			44,923		29,616
Gross margin		25,503		17,590			73,168		41,135
Operating expenses:
Research and development *		9,116		6,816			25,265		19,113
Selling, general and administrative *		6,489		5,402			18,161		14,103
Litigation **		1,483		1,688			4,527		3,594
Total operating expenses		17,088		13,906			47,953		36,810
Income from operations		8,415		3,684			25,215		4,325
Non-operating income (expense), net		79		(27	)		51		31
Income before income taxes		8,494		3,657			25,266		4,356
Income tax expense		127		230			233		374
Net income	$	8,367	$	3,427		$	25,033	$	3,982
Net income per share:
Basic	$	0.34	$	0.15		$	1.04	$	0.17
Diluted	$	0.32	$	0.14		$	0.97	$	0.16
Weighted average shares outstanding:
Basic		24,469		22,973			24,163		22,868
Diluted		25,980		24,770			25,915		24,185
*       Includes stock-based compensation expense as follows:
Cost of revenue	$	123	$	131		$	436	$	299
Research and development		1,008		669			2,419		1,929
Selling, general, and administrative		675		584			1,857		1,683
Total stock-based compensation expense	$	1,806	$	1,384		$	4,712	$	3,911

** Litigation expenses were previously included in Selling, general and administrative expenses in 2009.

VOLTERRA SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

SEPARATE PRESENTATION OF LITIGATION AND SALES, GENERAL AND ADMINISTRATIVE EXPENSE

(In thousands, except per share amounts)

(Unaudited)

	Three Months  Ended September 30,				Nine Months Ended September 30,
	2010		2009		2010		2009
GAAP
Selling, general and administrative with litigation	$	7,972	$	7,090	$	22,688	$	17,697
Litigation *		1,483		1,688		4,527		3,594
Selling, general and administrative without litigation	$	6,489	$	5,402	$	18,161	$	14,103
	September 30,				September 30,
	2010		2009		2010		2009
Non-GAAP (excluding effect of stock-based compensation)
Selling, general and administrative with litigation	$	7,297	$	6,506	$	20,831	$	16,014
Litigation *		1,483		1,688		4,527		3,594
Selling, general and administrative without litigation	$	5,814	$	4,818	$	16,304	$	12,420

* Litigation expenses were previously included in Selling, general and administrative expenses in 2009.

VOLTERRA SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended September 30, 2010
	GAAP			Effect of Stock-based Compensation			Non-GAAP
Gross margin	$	25,503		$	(123	)	$	25,626
Gross margin %		61.4	%		-0.3	%		61.7	%
Operating expenses:
Research and development	$	9,116		$	1,008		$	8,108
Selling, general and administrative		6,489			675			5,814
Litigation		1,483			—			1,483
Total operating expenses	$	17,088		$	1,683		$	15,405
Income from operations	$	8,415		$	(1,806	)	$	10,221
Operating margin %		20.2	%		-4.4	%		24.6	%
Annual effective tax rate		0.9	%		-0.3	%		1.2	%
Income tax expense	$	127		$	18		$	145
Net income	$	8,367		$	(1,788	)	$	10,155
Diluted net income per share	$	0.32		$	(0.07	)	$	0.39
	Three Months Ended September 30, 2009
	GAAP			Effect of Stock-based Compensation			Non-GAAP
Gross margin	$	17,590		$	(131	)	$	17,721
Gross margin %		59.3	%		-0.4	%		59.7	%
Operating expenses:
Research and development	$	6,816		$	669		$	6,147
Selling, general and administrative		5,402			584			4,818
Litigation *		1,688			—			1,688
Total operating expenses	$	13,906		$	1,253		$	12,653
Income from operations	$	3,684		$	(1,384	)	$	5,068
Operating margin %		12.4	%		-4.7	%		17.1	%
Annual effective tax rate		8.6	%		3.5	%		5.1	%
Income tax expense	$	230		$	21		$	251
Net income	$	3,427		$	(1,363	)	$	4,790
Diluted net income per share	$	0.14		$	(0.05	)	$	0.19

* Litigation expenses were previously included in Selling, general and administrative expenses in 2009.

VOLTERRA SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

	September 30, 2010			June 30, 2010			December 31, 2009
	(Unaudited)						(Audited)
Assets
Current assets:
Cash, cash equivalents and short-term investments	$	96,928		$	91,790		$	73,776
Accounts receivable, net		21,599			18,859			15,534
Inventory		12,750			13,279			10,284
Prepaid expenses and other current assets		2,388			2,174			1,829
Total current assets		133,665			126,102			101,423
Property and equipment, net		7,274			6,793			4,656
Other assets		1,883			1,926			363
Total assets	$	142,822		$	134,821		$	106,442
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	4,546		$	5,752		$	3,591
Accrued liabilities		11,543			9,403			9,506
Total current liabilities		16,089			15,155			13,097
Lease incentives		576			623			445
Other long-term liabilities		1,288			1,231			1,097
Total liabilities		17,953			17,009			14,639
Stockholders’ equity:
Common stock		27			27			26
Additional paid-in capital		129,781			126,996			115,035
Retained earnings (accumulated deficit)		19,155			10,788			(5,878	)
Treasury stock		(24,094	)		(19,999	)		(17,380	)
Total stockholders’ equity		124,869			117,812			91,803
Total liabilities and stockholders’ equity	$	142,822		$	134,821		$	106,442