NEW YORK (TheStreet) -- Peregrine Semiconductor (PSMI) was falling 16.84% to $5.53 on Tuesday afternoon after the manufacturing company announced fourth-quarter results that were below analysts' expectations.
The company reported a loss of 16 cents a share, which was 13 cents worse than the consensus estimate of a three-cent loss a share. Revenue totaled $43.3 million, which was less than the consensus estimate of $45.09 million.
Peregrine also forecast revenue guidance for the first quarter of the fiscal year 2014 in the range of $33 million to $36 million, which was less than the consensus estimate of $43.5 million.
"We reported fourth quarter revenue in line with our prior guidance," said President and CEO Jim Cable in the company's statement. "For 2014, we see a number of challenges facing the smartphone industry. However, we believe our product development and our progress in developing an integrated RF front-end positions us well for 2015 as the industry enters a strategic transition."
TheStreet Ratings team rates PEREGRINE SEMICONDUCTOR CORP as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate PEREGRINE SEMICONDUCTOR CORP (PSMI) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself, unimpressive growth in net income and feeble growth in its earnings per share."