This invention discloses a heterojunction bipolar transistor (HBT) which includes a relatively thin intrinsic collector region and a relatively thick extrinsic collector region such that collector-base capacitance is reduced and electron transit time is maintained. The fabrication of the HBT includes loading a semi-insulating substrate into an molecular beam epitaxy machine, and growing a sub-collector contact layer, a bottom collector layer and a top collector layer on the substrate. Next, the substrate is removed from the molecular beam epitaxy machine and the top collector layer is etched by a photolithographic process to produce separate intrinsic and extrinsic collector regions. Then, the substrate is again loaded into the molecular beam epitaxy machine so that the base and emitter layers can be grown. And finally, the emitter layer is etched to form an emitter mesa only over the intrinsic semiconductor region.