HAUPPAUGE, N.Y. (AP) — Standard Microsystems Corp. said Monday that its third-quarter loss narrowed, but the semiconductor maker predicted another loss in the fourth quarter due to weak demand and a drop in consumer product sales after the holidays.
Its shares tumbled more than 6 percent in extended trading on the news.
For the quarter ended Nov. 30, the company had a net loss of $3.3 million, or 15 cents per share, compared with a loss of $4.6 million, or 20 cents per share, a year earlier.
Excluding items such as stock-based compensation expense and amortization, the company said it would have earned 21 cents per share.
Analysts expected adjusted income of 34 cents per share, according to FactSet. The company said the lower-than-expected net income in the latest quarter was mainly the result of a higher effective tax rate.
Revenue slipped to $106.2 million from $107 million, below analysts’ forecast of $107.6 million.
The company predicted that after items, it would lose between 13 and 21 cents per share in the fourth quarter on revenue of $89 million to $93 million.
Analysts were expecting the company to earn an adjusted profit of 30 cents per share on revenue of $104.4 million.
The shares fell $1.63 to $23.35 in aftermarket trading. They had ended the regular session down 39 cents, or 1.5 percent, to $24.98 before the results were released.