QuickLogic (QUIK) Stock Plummets on Weak Guidance

NEW YORK (TheStreet) -- QuickLogic (QUIK) stock is dropping on Thursday after the fabless semiconductor company guided for weakness in its second quarter.

By midmorning, shares of the micro-cap had plummeted 19% to $3.83. 

In a post-earnings conference call, CFO Ralph Marimon guided for an adjusted net loss of 5 cents a share and revenue of $6.5 million, plus or minus 10%, over the second quarter to June. 

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Analysts surveyed by Thomson Reuters had anticipated a net loss of 4 cents a share and revenue inline with guidance. 

"Total revenue is expected to be comprised of approximately $4.5 million of new product revenue and $2 million of mature product revenue. The decline in new product revenue reflects reduced shipments of a display solutions into the tablet segment," said Marimon. 

In its first quarter, QuickLogic reported a net loss of 4 cents a share, inline with expectations, and revenue of $11.2 million, higher than forecasts for $10.1 million. 

TheStreet Ratings team rates QUICKLOGIC CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate QUICKLOGIC CORP (QUIK) a SELL. This is driven by multiple weaknesses, 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. Among the areas we feel are negative, one of the most important has been unimpressive growth in net income over time."

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