Spansion Earnings: Here’s Why the Stock is Up Now
Spansion Inc. (NYSE:CODE) delivered a profit and beat Wall Street’s expectations, BUT 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 1.41%.
Spansion Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 57.14% to $0.03 in the quarter versus EPS of $0.07 in the year-earlier quarter.
Revenue: Decreased 13.33% to $189.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Spansion Inc. reported adjusted EPS income of $0.03 per share. By that measure, the company beat the mean analyst estimate of $0.02. It missed the average revenue estimate of $195.14 million.
Quoting Management: “We continue to execute our strategy and drive new product innovation and customer momentum with our NOR and NAND Flash memory products across embedded markets,” said John Kispert, president and CEO of Spansion. “As expected, the first quarter was seasonally soft. We are encouraged by design win progress, especially with our newer products as they continue to meet the growing Flash memory requirements across automotive, consumer, communications, gaming and industrial applications.”
Key Stats (on next page)…