GSI Technology Inc. (NASDAQ:GSIT) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 0.02%.
GSI Technology Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 0% to $0.03 in the quarter versus EPS of $0.03 in the year-earlier quarter.
Revenue: Decreased 16.12% to $15.71 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: GSI Technology Inc. reported adjusted EPS income of $0.03 per share. By that measure, the company missed the mean analyst estimate of $0.04. It missed the average revenue estimate of $16.1 million.
Quoting Management: Lee-Lean Shu, Chairman and Chief Executive Officer, noted, “Our net revenues were on the lower end of the range of $15.6 million to $16.6 million we had projected early in the fourth quarter, due primarily to lower than expected sales to Cisco Systems, our largest customer. However, fourth quarter gross margin of 46.3% was better than expected and well above our guidance of approximately 43% due to a shift in product mix toward higher margin products.”
Key Stats (on next page)…