The stock was last quoted at $5.94, down 17.2%, on after-hours volume of 1.7 million, according to Nasdaq.com.
Hillsboro, Ore.-based TriQuint, which makes radio frequency-based wireless communications chips, said it expects non-GAAP earnings of 6 to 8 cents a share in the fiscal fourth quarter ending in December on revenue of between $215 million and $225 million. The company sees gross margins coming in at 32-34% due to "lower factory utilization as we burn through excess inventory and weak product mix."
The current average estimate of analysts polled by Thomson Reuters is for TriQuint to report earnings of 14 cents a share in the December-ending period on revenue of $230.7 million.TriQuint's third-quarter profit came in at 11 cents a share on revenue of $216 million, beating Wall Street's profit view by a penny. Based on Wednesday's regular session close at $7.17, TriQuint shares were down more than 40% year-to-date, although they had bounced more than 50% since hitting a 52-week low of $4.66 on Oct. 4. Wall Street was bearish on TriQuint ahead of the report with 8 of the 11 analysts covering the stock at either hold (7) or undeperform (1).