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TriQuint Tanks on Disappointing Forecast (Correct)

(Corrects revenue figure in second paragraph, changing "billion" to "million.")

HILLSBORO, Oregon ( TheStreet) -- Shares of TriQuint Semiconductor (TQNT) plunged in extended trading on Wednesday as investors balked at the semiconductor specialist's weak guidance.

The Apple (AAPL - Get Report) partner, which reported first-quarter results after the market close, brought in revenue of $216.7 million, down from $224.3 million in the prior year's quarter, but above analysts' forecast of $214.68 million.

Excluding items, TriQuint earned 2 cents a share, down from 15 cents a share in the same period last year, and in line with Wall Street's estimate.

For the second quarter, however, the company sees revenue between $170 million and $185 million and a loss of 10 to 15 cents a share. Analysts surveyed by Thomson Reuters were looking for sales of $222.95 million and earnings of 5 cents a share.

Boosted by Apple's stellar second-quarter results on Tuesday, TriQuint shares had climbed 7.6% during Wednesday's regular trading, but plunged more than 13% to $4.78 after it reported its own numbers.

In a statement, TriQuint CEO Ralph Quinsey blamed the weak guidance on a "challenging second quarter" in the mobile device market, citing the company's "largest customer."

Quinsey, however, struck a bullish tone during a phone interview with TheStreet shortly after the results were announced.

"We're going through a period in Q2 that's a dip," he said. "We expect to return to normal revenue levels in Q3 and have growth in the second half [of the year] based on good product traction."

Outside of its major customer, TriQuint enjoyed traction on mobile devices during the first quarter, according to Quinsey. "It was 8% growth," he said.

TriQuint's gross margin was 28.9% during the first quarter, down from 29.5% in the prior quarter.

-- Written by James Rogers in New York.

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