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QuickLogic Earnings Beat Doesn’t Save QUIK Stock From Plunging

QUIK shares were down 19% as of Thursday afternoon

QuickLogic (QUIK) stock plummeted on Thursday despite beating analysts’ estimates.

quicklogicQuickLogic posted earnings of $6.8 million for the second quarter of 2014. This beat the $6.50-million estimate that was given by analysts. However, this was a 39% decrease in revenue when compared to the quarter before it, reports Markets Emerging.

QuickLogic also posted a net loss of $2.9 million during the second quarter of 2014. This comes to 5 cents a share, which is down from the 7 cents per share net loss from the same time last year, but is up from the 4 cents a share loss from Q1 2014.

New product revenue made up 66% of QuickLogic’s total revenue. New product revenue was up 45% in Q2 2014 when compared to the same time last year. However, new product revenue was also down 50% when compared to Q1 2014.

QUIK shares were down 19% as of Thursday afternoon.

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Article printed from InvestorPlace Media, https://investorplace.com/2014/07/quicklogic-quik/.

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