Wednesday's Tech Winners & Losers
Shares of Garmin (GRMN) were among technology's losers Wednesday, slumping 15% after the maker of global positioning equipment posted in-line third-quarter earnings but disappointed on the top line.
The company earned $123 million, or 56 cents a share. Excluding foreign exchange effects, the company posted earnings of 50 cents a share, matching analysts' mean estimate. Revenue totaled $408 million, well short of analysts' forecast of $423.4 million. During the year-earlier quarter, Garmin earned $102.5 million, or 47 cents a share, on revenue of $251 million. Excluding the effects of foreign exchange, year-ago earnings were 33 cents a share.
Looking ahead, Garmin forecast full-year earnings of $2.04 a share, which excludes foreign currency translation, on revenue of more than $1.68 billion. Analysts project earnings of $2.03 a share on revenue of $1.66 billion. Shares were trading down $7.97 to $45.50.
ClickSoftware (CKSW) surged 18% after the software company said it swung to a third-quarter profit. The company earned $797,000, or 3 cents a share, on revenue of $8.7 million. During the year-earlier period, the company reported a loss of $307,000, or a penny a share, on revenue of $6.1 million.For the fourth quarter, ClickSoftware sees revenue of about $9 million. Shares were trading up 42 cents to $2.87. Shares of Giga-tronics (GIGA) soared 44% after the maker of microwave components posted a much smaller loss compared to a year ago. The company reported a loss of $403,000, or 8 cents a share, on revenue of $3.9 million. A year earlier, Giga-tronics posted a loss of $1.1 million, or 24 cents a share, on revenue of $3.6 million. Second-quarter orders, meanwhile, jumped 215% to $5.8 million. Shares were adding 65 cents to $2.22.
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