Rubicon Technology Earnings: Here’s Why the Stock is Falling Now
Rubicon Technology, Inc. (NASDAQ:RBCN) had a loss 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 down 10.68%.
Rubicon Technology, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.26 in the quarter versus EPS of $-0.06 in the year-earlier quarter.
Revenue: Decreased 38.24% to $10.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Rubicon Technology, Inc. reported adjusted EPS loss of $0.26 per share. By that measure, the company missed the mean analyst estimate of $-0.21. It missed the average revenue estimate of $10.82 million.
Quoting Management: William Weissman, CFO of Rubicon Technology, said, “Idle plant costs in the second quarter totaled $3.7 million, which is a significant portion of our gross loss. Based on the large core volumes we are currently shipping, we expect our boule inventory levels to decrease quickly and anticipate re-engaging idle crystal growth capacity early next year. Utilization of our polishing operations will improve with the strengthening of six-inch wafer orders and the start of patterned substrate production.”
Key Stats (on next page)…