Microsemi Corp. on Tuesday announced lower sales for the fiscal third quarter, sending the stock into a tailspin.
The Irvine computer-chip maker's shares fell as much as $15, or 22.4%, to $52 after regular U.S. trading hours. The stock had closed at $67, up 55 cents a share, in regular Nasdaq trading before the financial results were released.
Microsemi said sales dipped to $59.5 million from $59.9 million as demand from technology and wireless communications companies waned. The sales figures excluded three units now closed. Including those units, sales were off 6.3% to $60.1 million.
Net income rose to $4.44 million, or 30 cents a share, from $2.82 million, or 22 cents a share, a year ago. Excluding acquisition-related expenses, profit would have been $4.89 million, or 33 cents a share. Analysts had anticipated earnings of 32 cents a share, according to a First Call/Thomson Financial survey.