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Freescale Semiconductor (FSL) Stock Falls Despite Positive Quarterly Results

NEW YORK (TheStreet) -- Freescale Semiconductor (FSL) was falling -11.8% to $22.08 Friday despite positive first quarter results and a strong second-quarter forecast.

For the first quarter the chipmaker reported earnings of 27 cents a share, beating analysts' estimates of 24 cents a share by 3 cents. Revenue grew 15.2% to $1.13 billion in the quarter, while analysts surveyed by Thomson Reuters expected $1.09 billion in revenue.

Looking to the second quarter Freescale expects revenue of $1.14 billion to $1.2 billion, above the consensus estimate of $1.13 billion.

Freescale separately announced that it hired Dan Durn, former CFO of competitor Globalfoundries, to replace retiring CFO Alan Campbell.

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"Freescale Semiconductor, Ltd., formerly Freescale Semiconductor Holdings I, Ltd., is a provider of embedded processing solutions. An embedded processing solution is the combination of embedded processors, semiconductor devices and software. The Company's embedded processor products include microcontrollers (MCUs), single- and multi-core microprocessors (MPUs), applications processors and digital signal processors (DSPs). It also offers complementary semiconductor products, including radio frequency (RF), power management, analog, mixed-signal devices and sensors. Freescale sells its products directly to original equipment manufacturers (OEMs), distributors, original design manufacturers and contract manufacturers."

FSL Chart

FSL data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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