Tuesday, Spansion, Inc. (SPSN), a semiconductor device company, reported a higher loss for the second quarter, compared to year-ago quarter. The company has also reiterated its business outlook for fiscal 2008.
The Sunnyvale, California-based company's second quarter net loss widened to $100.64 million or $0.63 per share from $66.90 million or $0.50 per share in the same quarter a year ago. Seven analysts on consensus estimated a loss of $0.75 per share for the quarter.
Net sales for the quarter rose to $612.72 million from $609.17 million in the same quarter of the previous year. Analysts' revenue estimate was $580.23 million for the second quarter.
Gross profit increased to $109.15 million from $108.14 million in the prior year quarter, while gross margin advanced to 17.8 % in the second quarter of 2008 from 16.6 % in the first quarter of 2008.
During the second quarter, the company was involved in streamlining operations, which resulted in a $10 million charge. Including the restructuring charge, operating loss for the quarter was $77.34 million, up from $64.71 million last year.
The company expects slight increase in net sales for third quarter from the previous quarter and gross margin is also anticipated to increase 1%-2% from the prior quarter.
For the full year, the company has reaffirmed its outlook and expects net sales to be flat to slightly up from previous year.
SPSN finished Tuesday's regular trading at $2.98, up $0.21 or 7.58%, on a volume of 2.29 million shares on the Nasdaq. However, in after-hours trading, the stock shed $0.07 or 2.35%, and was at $2.91.
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