TriQuint Hits Targets

Updated from July 22

TriQuint Semiconductor ( TQNT) sank 7% Friday amid a broad tech selloff, following a mixed earnings report.

Late Thursday, the company hit second-quarter financial targets but set its sights slightly lower for the third quarter.

The communications chipmaker posted a profit of $287,000, or less than a penny a share, on $92.6 million in sales for the quarter ended in June. That compares to a break-even quarter on sales of $90 million in the March period, and a year-ago loss of $60 million, or 45 cents a share, on $73 million in revenue. Analysts had been expecting break-even results on $91.7 million in sales.

For the September quarter, the Hillsboro, Ore., tech shop says it expects to lose up to a penny a share on about $93 million in sales. Analysts had been expecting a penny profit on $94.6 million in revenue, according to a Reuters Research tally.

"I am pleased with our results for the quarter as our upward trend in revenue and operating results continues. We believe that we are gaining share in the large GSM cellular handset market," said CEO Ralph Quinsey.

TriQuint shares dropped 30 cents to $3.95.

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