NEW YORK (TheStreet) -- Shares of Applied Micro Circuits (AMCC) were falling 16.1% to $5.77 Wednesday after the company missed analysts' estimates for earnings and revenue in the fiscal second quarter.
The chipmaker reported a loss of 6 cents a share for the fiscal second quarter, below the loss of 2 cents analysts surveyed by Zacks Investment Research expected. Revenue fell 26.1% to $40.94 million for the quarter, below analysts' estimates of $44.2 million for the quarter.
Applied Micro said it expects a loss of 6 cents to 10 cents a share and revenue of $34 million to $38 million for the fiscal third quarter. Analysts expect a loss of 1 cent a share and revenue of $45.5 million for the quarter.
TheStreet Ratings team rates APPLIED MICRO CIRCUITS CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLIED MICRO CIRCUITS CORP (AMCC) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income and generally disappointing historical performance in the stock itself."
You can view the full analysis from the report here: AMCC Ratings Report
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