QuickLogic: After-Hours Trading
NEW YORK (TheStreet) -- Shares of QuickLogic (QUIK) slumped in a quiet after-hours session on Friday after the Sunnyvale, Calif.-based chip maker lowered its revenue outlook.
The company, which develops semiconductor products for tablets, smartphones and broadband data cards, said it now sees revenue of $5.5 million for its fiscal first quarter ended in March, below a prior forecast for revenue within 10% plus or minus of $6.8 million.
The current average estimate of two analysts polled by Thomson Reuters is for breakeven results on revenue of $6.8 million in the March period.
The stock was last quoted at $4.15, down 14.8%, on volume of around 24,000, according to Nasdaq.com. Based on a regular session close at $4.87, the shares have gained more than 65% in the past yea but the 52-week high of $7.20 came back on Jan. 6, and the stock has lost 22% so far in 2011.
QuickLogic attributed the shortfall to a number of factors, including below-forecast sales by two of its largest Tier 1 OEM [original equipment maker] customers in its broadband data card business and a product delay by a customer that impacted its secure access datacard business. "While it is unfortunate that we had large, unrelated shortfalls within the same quarter, we are encouraged by our continued positive progress in the smartphone and tablet markets," said Andy Pease, the company's president and CEO, in a statement. --Written by Michael Baron in New York.>To contact the writer of this article, click here: Michael Baron. >To submit a news tip, send an email to: tips@thestreet.com
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