adminBy Dean Seal
Shares of Silicon Laboratories hit a three-year low after the company guided for an unexpected fourth-quarter loss on revenue that’s less than half of what analysts had been forecasting.
The stock fell 19% to a low of $74.56 in early trading. Shares have dropped 42% year-to-date and haven’t traded this low since March 2020.
The Austin-based wireless-technology company said it expects to post an adjusted loss of between $1.22 and $1.66 a share for the fourth quarter on revenue of $70 million to $100 million.
Analysts surveyed by FactSet had been expecting adjusted earnings of 67 cents on $206.5 million in revenue.
The weak guidance comes after the company logged third-quarter results that met or exceeded expectations.
Silicon Laboratories posted a profit of $10.3 million, or 32 cents a share, compared with $21 million, or 60 cents a share, in the same quarter a year ago.
Adjusted earnings, which strip out one-time items, topped analyst projections by a penny at 62 cents a share, according to FactSet.
Revenue fell to $203.8 million from $269.8 million a year ago, clearing forecasts for $200.1 million.
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