NEW YORK (TheStreet) -- Atmel (ATML) shares are down by 1.52% to $8.52 in afternoon trading on Wednesday, after the supplier of microcontrolers reported its 2015 second quarter earnings results yesterday.

The San Jose, CA-based company reported first quarter net income of $6.3 million, or 8 cents per diluted share on revenue of $306.4 million.

Analysts on average were expecting the company to report earnings of 10 cents per share on revenue of $318 million.

The company reported a 20% drop in revenue from its microcontroler business segment while revenue from its automotive business segment rose 3% over the previous year.

"Last quarter we delivered solid operating margins and earnings despite a weaker global semiconductor industry environment and the adverse impact of foreign exchange rates," CEO Steve Laub said in a statement.

Separately, TheStreet Ratings team rates ATMEL CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:

"We rate ATMEL CORP (ATML) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, expanding profit margins and notable return on equity. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."

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