Methods and apparatus for determining and transmitting speed and/or direction information for a rotating target by a magnetic field sensor. A reference channel signal is generated for a target from at least one magnetic field sensing element and a virtual channel signal in quadrature with the reference channel signal is generated. A tangent signal is generated. A slope of an arctangent of the tangent signal is determined, wherein the slope corresponds to rotational speed of the target. The speed and/or direction of the target can be transmitted by a sensor IC.