Updated from April 22 Shares of Vitesse Semiconductor ( VTSS) plummeted Friday as investors showed their impatience with the company's ongoing string of losses and market-lagging performance. While most of its peers are offering sunnier-than-expected business forecasts, Vitesse could only match Wall Street's earnings outlook for the upcoming quarter. The stock was recently down 51 cents, or 9%, to $5.18. "It doesn't look like they'll be making money anytime soon, so I think investors are a little concerned that time is running out," said A.G. Edwards' Theodore O'Neill. Though he doesn't think there's any serious question about the company's viability, he said investors were hoping for better than the merely in-line sales guidance offered by Vitesse. Also, some investors were looking for signs that Vitesse might soon be in a position to pay off a $195 million convertible note due next March, but company comments suggest that won't happen, said O'Neill, who has a hold rating on the stock. (A.G. Edwards firm hasn't done any banking for Vitesse.) After the close Thursday, the company reported a GAAP loss of $17.4 million, or 8 cents per share, vs. a loss of $25.1 million, or 12 cents a share. Excluding restructuring charges and other items, Camarillo, Calif.-based Vitesse earned $1.4 million, or 1 cent a share, in the second quarter, vs. a net loss of $7.9 million, or 4 cents a share, a year ago. Revenue, meanwhile, climbed 47% to $56 million in the second quarter vs. $38.1 million a year ago. The bottom-line results met analysts' expectations. Revenue, meanwhile, came in about $1 million higher than analysts' forecasts. Looking forward, the company said it expects pro forma third-quarter earnings of 2 cents per share on revenue of $60.5 million. Vitesse's guidance is in line with analysts' expectations.