Applied Micro Circuits
announced a loss Tuesday for its fourth quarter of 2002 that met earnings expectations on revenue that came in under estimates.
The company, which makes chips for the telecommunications industry, reported revenue that fell 75% year over year. In a statement released with earnings, CEO David Rickey said the market that accounts for most of AMCC's revenue "remains weak."
The net loss for the quarter was $90.3 million or 30 cents a share, according to generally accepted accounting principles.
The San Diego-Calif.- based chipmaker, reported a pro forma loss of 6 cents a share on revenue of $30.1 million. The earnings loss matched Wall Street estimates for the March quarter, but revenue was under expectations of $31.4 million. AMCC earned 9 cents a share on $121.1 million in the year-ago quarter.
Today, AMCC fell 37 cents, or 4.9%, closing at $7.14, before announcing earnings.