posted a third-quarter loss that was 45% wider than last year's and cut guidance for the current period, sending its battered-down stock into another free fall.
The Red Bank, N.J., broadband chip supplier lost $71.4 million, or 15 cents a share, in the three months to June 30, compared with a loss of $49.1 million, or 18 cents a share, last year. Revenue rose 77% to $267.6 million, boosted by the February acquisition of GlobespanVirata. On a pro forma basis excluding amortization and other costs, the company earned 2 cents a share in the 2004 quarter.
Analysts had been forecasting pro forma earnings of 2 cents a share on revenue of $266.3 million in the most recent quarter. Looking ahead, Conexant expects to earn pro forma per-share earnings of break-even to 2 cents on revenue of $250 million to $255 million in the fourth quarter. Analysts had been forecasting earnings of 3 cents a share on revenue of $275.5 million.
"As we stated previously, Conexant's overall third fiscal quarter performance was adversely impacted by a shortfall in demand in our wireless LAN business," the company said. "We are intensifying our effort to regain and expand our market position."
Investors weren't waiting around, selling the shares down 19 cents, or 10%, to $1.70 after hours.