RF Micro DevicesShares of RF Micro Devices ( RFMD) dropped in after-hours action on Tuesday after the Greensboro, N.C.-based chip maker fell short of Wall Street's revenue view in its latest quarter and forecast a sequential decline of 10-15% in revenue for the current period. The company posted an adjusted profit of $52.6 million, or 19 cents a share, for its fiscal third quarter ended on Jan. 1, coming in a penny ahead of the average estimate of analysts polled by Thomson Reuters, but its revenue total of $278.8 million -- an 11% increase year-over-year -- was below the consensus view of $285.8 million. Based on its third-quarter total and the outlook for a 10-15% decline, RF Micro is projecting revenue of between $237 million and $251 million for its fiscal fourth quarter ending in March. The current average analysts' view calls for revenue of $259.3 million in the March period. RF Micro also said Tuesday it expects to see an additional $25 million decline in transceiver revenue in the March quarter "consistent with the anticipated end-of-life of legacy transceiver products" and that it anticipates transceivers will be immaterial to its financial results from the June quarter forward. Perhaps to soften the blow of the comparatively weak revenue view, RF Micro said its board has approved the buyback of up to $200 million worth of its common stock over the next two years. RF Micro shares fell almost 9% to $7 on after-hours volume of 2.7 million. Based on a regular session close at $7.66, the shares have appreciated more than 85% in the past 52 weeks; although it's pulled back 4% since hitting a 52-week high of $8.37 on Jan. 13.
Yahoo!It was another mixed report from Yahoo! ( YHOO) as the Internet search and content provider beat Wall Street's profit expectations, but revenue declined over last year, pushing the stock down in after-hours trading. The company also forecast revenue excluding traffic acquisition costs of $1.02 billion to $1.08 billion for the first quarter, below the current average estimate of analysts polled by Thomson Reuters for revenue of $1.13 billion in the March period.
Yahoo! also estimates income from operations of $130 million to $160 million in the March quarter, down on a sequential basis from its total of $220 million in the December period. The stock fell 2.3% to $15.65 in extended action on volume of 3.8 million. Yahoo! shares have been relatively stagnant over the past 52 weeks -- rising less than 2% vs. a gain of 18% for the S&P 500 -- as the company struggles to reinvent itself to focus more on content than Internet search.