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