Sigma Designs falls on disappointing 1Q results
Sigma Designs falls as 1Q results seem to disappoint; 2Q revenue outlook shows growth may slow
NEW YORK (AP) -- Shares of Sigma Designs Inc. slid Thursday after the company's fiscal first-quarter results appeared to disappoint investors and its second-quarter revenue forecast indicated that growth may slow.
THE SPARK: Late Wednesday Sigma, which designs semiconductor technology used in set-top boxes, connected TVs and media players and security systems, reported adjusted earnings of 1 cent per share. Revenue rose 30 percent to $52.5 million from $40.3 million.
The company anticipates second-quarter revenue between $52 million and $54 million. If it comes in at the low end of the projected range, the results would be slightly below its first-quarter performance.
SHARE ACTION: Down 48 cents, or 9.1 percent, to $4.76 in midday trading. The stock has traded between $4.30 and $7.20 over the past year. For the year to date, shares are up 2 percent.
