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) 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. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: tips@thestreet.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
TheStreet Quant Ratings
TRY IT FREENew! $49.95/yr
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
Product Features:
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Dividend Stock Advisor
TRY IT FREEJim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
