TriQuint Shares Dive After 3Q Earnings Disappoint

HILLSBORO, Ore. (AP) — Shares of TriQuint Semiconductor Inc. plunged Thursday after the mobile phone chip make's third-quarter revenue fell below estimates and it said a key customer was cutting orders.

Shares were down $2.13, or 26 percent, at $5.97 in afternoon trading. The stock has traded between $1.67 and $8.59 in the last 52 weeks.

TriQuint said its revenue slid 7 percent to $173 million, below analyst expectations of $178 million. Its adjusted earnings of 10 cents per share was in line with forecasts.

It predicted fourth-quarter adjusted earnings of 10 cents to 12 cents per share, with revenue between $175 million and $185 million.

Analysts projected income of 13 cents per share on sales of $188 million in the fourth quarter, according to a Thomson Reuters survey.

D.A. Davidson & Co. analyst Aalok Shah on Thursday downgraded TriQuint to "Neutral" from "Buy." He cited concerns that a Korean customer — possibly Samsung — was cutting orders to use up inventory.