Rambus Delays Earnings

Revenue fell roughly 5% sequentially in the second quarter at high-speed chip designer Rambus (RMBS Quote - Cramer on RMBS - Stock Picks), which did not offer complete earnings Thursday because of its ongoing restatement of past financials.

Sales, which came in at $47.5 million, were roughly in line with analysts' estimates.

Cash, cash equivalents and marketable securities in the June quarter were $442 million, off about $3 million sequentially.

Shares sank 5.6%, or 89 cents, to $15.10 after hours.

CEO Harold Hughes said Rambus saw "growing interest this quarter among customers for our XDR memory architecture."

The company said that it's "highly likely that Rambus had one or more material weakness in internal control over financial reporting" as of Dec. 31, 2006.

Los Altos, Calif.-based Rambus said it expects to miss the Aug. 9 filing date for its second-quarter Form 10-Q and will make the deadline for its Form 10-K for fiscal 2006 in the third quarter of fiscal 2007.