Shares in RF Micro Devices have dropped 48 cents, to $5, since it announced a loss of $13 million, or 7 cents per share, for its fiscal fourth quarter which closed March 31.
Revenues met expectations, hitting $138.3 million, which was a drop of 5 percent from the preceding quarter.
The company (Nasdaq: RFMD) cited a shift in customer demand for lower-priced equipment and said next quarter revenue would be flat to down 5 percent.
James Faucette, of Pacific Crest Securities, told CBS Marketwatch that RF Micro’s losses are particularly disturbing because there are signs that the overall mobile-phone market remains strong. “Should the company’s outlook deteriorate further, losses could widen dramatically,” he said. Faucette lowered his rating on RF Micro’s stock to “neutral” from “buy”.
RF Micro: www.rfmd.com