Before the market open on Monday, the San Jose, CA-based microcontrollers provider reported earnings of 6 cents per share, while analysts were expecting 7 cents per share.
Revenue dropped 24% year-over-year to $261.3 million, missing analysts' forecasts for $271.88 million. The company experienced weaker-than-expected billings in Asia, Atmel said in a statement.
Atmel is being acquired by MicrochipTechnology (MCHP) in a deal valued at about $3.56 billion. The deal is expected to close in the 2016 second quarter.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "hold" with a ratings score of C. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow.
You can view the full analysis from the report here: ATML