Mindspeed Technologies Earnings: Here’s Why the Stock is Rising Now
Mindspeed Technologies Inc. (NASDAQ:MSPD) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 31%.
Mindspeed Technologies Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.02 in the quarter versus EPS of $-0.14 in the year-earlier quarter.
Revenue: Rose 0.11% to $35.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Mindspeed Technologies Inc. reported adjusted EPS loss of $0.02 per share. By that measure, the company beat the mean analyst estimate of $-0.04. It beat the average revenue estimate of $35.26 million.
Quoting Management: “While we were disappointed with our financial performance in the fiscal second quarter, the weakness was primarily within the 3G wireless market. In turn, we have had to reconsider our views of how and when that market will develop. Our other product lines for high performance analog and communications processors performed consistently with our expectations, and 4G/LTE met our goal of doubling in the quarter,” commented Raouf Y. Halim, chief executive officer at Mindspeed. “We believe our diverse product families for HPA, communications processors and wireless infrastructure are well positioned in their respective markets, and we remain committed to maximizing value to our customers, partners, employees and shareholders.”
Key Stats (on next page)…