TriQuint, Akamai: After-Hours Trading
NEW YORK (
) -- Shares of
TriQuint Semiconductor
(TQNT)
sank in late trades Wednesday after the chip maker gave a weak outlook for the current quarter.
The stock was last quoted at $5.94, down 17.2%, on after-hours volume of 1.7 million, according to
Nasdaq.com
.
Hillsboro, Ore.-based TriQuint, which makes radio frequency-based wireless communications chips, said it expects non-GAAP earnings of 6 to 8 cents a share in the fiscal fourth quarter ending in December on revenue of between $215 million and $225 million. The company sees gross margins coming in at 32-34% due to "lower factory utilization as we burn through excess inventory and weak product mix."
The current average estimate of analysts polled by
Thomson Reuters
is for TriQuint to report earnings of 14 cents a share in the December-ending period on revenue of $230.7 million.
TriQuint's third-quarter profit came in at 11 cents a share on revenue of $216 million, beating Wall Street's profit view by a penny.
Based on Wednesday's regular session close at $7.17, TriQuint shares were down more than 40% year-to-date, although they had bounced more than 50% since hitting a 52-week low of $4.66 on Oct. 4.
Wall Street was bearish on TriQuint ahead of the report with 8 of the 11 analysts covering the stock at either hold (7) or undeperform (1).
TheStreet Recommends
Akamai Technologies
Shares of
Akamai Technologies
(AKAM) - Get Akamai Technologies Inc. Report
surged in extended action after the company
delivered a slightly better than expected quarterly performance
.
The Cambridge, Mass.-based Web content delivery technology company posted a normalized profit of $63.4 million, or 34 cents a share, for the three months ended Sept. 30 on revenue of $281.9 million, up 10% from last year and 2% on a sequential basis.
The average estimate of analysts polled by Thomson Reuters was for earnings of 33 cents a share in the fiscal third quarter on revenue of $278.9 million.
The stock was last quoted at $26.74, up 12.5%, on volume of 1.1 million, according to
Nasdaq.com
.
Other stocks active in late action included
Electro-Scientific
(ESIO) - Get Electro Scientific Industries, Inc. Report
, which was down nearly 16% after the microtechnology manufacturing services provider missed Wall Street's profit view for the September-ended quarter and said it may report a loss in the current period;
Ancestry.com
( ACOM), which fell almost 9% after the online family history information provider reported above-consensus earnings for its latest quarter but forecast a slight decline in total subscribers by the end of the current quarter; and
McDermott International
(MDR) - Get McDermott International, Inc. Report
, which dropped 20% after the Houston-based provider of oil and gas construction and engineering services forecast earnings of 3 to 5 cents a share for the fiscal third quarter, well below the average analysts' view for a profit of 29 cents a share.
--
Written by Michael Baron in New York.
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Michael Baron
.
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