QuickLogic Earnings: Here’s Why the Stock is Down Now
QuickLogic Corp. (NASDAQ:QUIK) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 2.06%.
QuickLogic Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.07 in the quarter versus EPS of $-0.08 in the year-earlier quarter.
Revenue: Decreased 26.88% to $3.02 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: QuickLogic Corp. reported adjusted EPS loss of $0.07 per share. By that measure, the company missed the mean analyst estimate of $0. It beat the average revenue estimate of $0.
Quoting Management: “New product revenue in the first quarter was lower than expected due to a delay in the receipt of an expected large order from a tier one consumer electronics company. This order has since been received and we are on track to meet our forecast for the first half of the year,” stated Andy Pease, QuickLogic’s President and CEO.
Key Stats (on next page)…
Revenue decreased 2.27% from $3.09 million in the previous quarter. EPS decreased to $-0.07 in the quarter versus EPS of $-0.06 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a loss of $0.07 to a loss $0.06. For the current year, the average estimate has moved up from a loss of $0.31 to a loss of $0 over the last ninety days.