NEW YORK (TheStreet) -- Xilinx (XLNX) plunged to a 52-week low of $39.13 on Wednesday after the chipmaker reported first-quarter earnings that came up well short of analysts' expectations and issued guidance below the consensus estimate. Analysts also hammered the stock on Wednesday morning.
The company reported earnings per share of 62 cents on revenue of $612.6 million. This edged the consensus EPS estimate of 61 cents but missed the revenue estimate of $631.55 million.
Xilinx expects revenue to be flat to down 4% in the second quarter compared to the first, which equates to a range of $588 million to $612.6 million, well below the consensus estimate of $644.48 million.
Xilinx also received multiple analyst downgrades in the wake of the report. BMO Capital downgraded the stock to "market perform" from "outperform," set a $42 price target and trimmed its estimates. The firm said market share appears to have peaked.
Bank of America/Merrill Lynch downgraded Xilinx to "neutral" and set a $48 price target, as China inventory is mounting.
Finally, William Blair downgraded the stock to "market perform." The firm said 4G ramp is uncertain, which could limit near-term earnings potential.
The stock was down 17.4% to $39.77 at 10:02 a.m. More than 10.5 million shares had changed hands, which beat the average volume of 2,871,810.