Shares of Volterra Semiconductor Corp. (VLTR: Quote) slumped nearly 13 percent in after-hours trading on Monday after it reported results for the second quarter that missed analysts' expectations, despite an increase.
"We are pleased to report record revenue for the second quarter, despite the challenging economic environment. We are benefiting from market share gains on new servers and notebooks which we expect to continue to ramp through 2012," President and CEO Jeff Staszak said in a statement.
The Fremont, California-based company reported net income of $6.01 million or $0.22 per share for the second quarter, up from $5.34 million or $0.20 per share in the prior-year quarter.
Excluding the effect of stock-based compensation expense, adjusted net income for the quarter grew to $8.50 million or $0.32 per share from $7.42 million or $0.28 per share in the year-ago quarter.
On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.35 per share for the second quarter. Analysts' estimates typically exclude one-time items.
Net revenue for the quarter increased 4 percent to $43.57 million from $41.72 million in the same quarter last year, and missed thirteen Wall Street analysts' consensus estimate of $44.29 million.
Income from operations for the second quarter improved to $6.20 million from $5.46 million in the prior-year quarter. Total operating expenses were $19.08 million, higher than $18.21 million in the year-ago quarter.
Gross profit for the quarter was $25.28 million, up from $23.67 million in the year-ago quarter, and gross margin percentage expanded 130 basis points to 58.0 percent from last year's 56.7 percent.
Volterra also said that its Board recently approved an expansion of its previously authorized share repurchase plan by an additional $15 million.
VLTR closed Monday's regular trading session at $25.22, up $0.02 or 0.08% on a volume of 0.66 million shares. However, the stock plunged $3.22 or 12.77% in after-hours trading.
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by RTT Staff Writer
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