NEW YORK - Triquint the company which is two letters away from a delicious oxymoron of Try and Quit, reported disappointing results today. The semiconducter maker said revenue declined 10% year over year but grew 5% sequentially. Net income dropped to $4.5 million from $42.5 million a year earlier. The company now appears to be a revenue play as the CEO highlighted the word revenue many times in the release. The CEO did not mention the word profit one time in his statement.
Ralph Quinsey, President and Chief Executive Officer, stated, "TriQuint has grown revenue for six consecutive years and in 2011, we expanded our capacity to serve our customers' rising demand. The proliferation of smartphones and emergence of 4G is driving exciting growth in the markets we serve. As a leader in integrated RF solutions, we have both the products and capacity to deliver on the opportunities in front of us. We see solid prospects for growth in the second half of the year."
Triquint offered disappointing guidance saying they would make 1 cent to 3 cents a share on a Non GAAP basis. However Non GAAP is often crap as companies exclude real expenses such as stock based compensation. For instance if a company where to issue $2 million worth of shares to its employees then buy back $2 million of stock in the same second. It essentially paid $2 million in cash or gave their employees $2 million. However some companies like to argue this isn't a real expense. They are dead wrong.
Triquint is likely moving to a loss position next quarter. It seems like Triquint will move back to the drawing table and try again.
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