Rubicon Technology Earnings: Here’s Why Investors are Not Happy Now
Rubicon Technology, Inc. (NASDAQ:RBCN) 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 16.20%.
Rubicon Technology, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.15 in the quarter versus EPS of $-0.15 in the year-earlier quarter.
Revenue: Decreased 18.71% to $8.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Rubicon Technology, Inc. reported adjusted EPS loss of $0.15 per share. By that measure, the company missed the mean analyst estimate of $-0.11. It beat the average revenue estimate of $7.93 million.
Quoting Management: The Company reported first quarter revenue of $8.3 million as compared with $20.0 million in the prior quarter. Revenue was lower sequentially due to reduced six-inch wafer orders as our key customers had excess inventory of wafers going into the quarter. Raja Parvez, President and CEO of Rubicon Technology, commented, “We will have another difficult quarter for six-inch sales in the second quarter due to high customer inventory levels, but we expect to begin seeing orders improve in the second half of the year.”
Key Stats (on next page)…