Emcore's Loss Is Wider Than Expected
Emcore (EMKR) posted a wider-than-expected first-quarter loss on weaker demand for its products.
The semiconductor company said it lost $17.7 million, or 49 cents a share, excluding charges, compared with a loss of $7.8 million, or 23 cents a share, in the year ago quarter. Wall Street had been expecting a loss of 37 cents a share, according to Thomson Financial/First Call.
Using generally accepted accounting principles, the company lost $31 million, or 85 cents a share, compared with $11.4 million, or 34 cents a share, a year ago.Revenue for the quarter fell to $19.1 million from $39.1 million in the year ago period. Shares of Emcore closed down 2% at $9.07 Wednesday.
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