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Why Atmel Shares Got Crushed

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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of touchscreen-microcontroller maker Atmel (Nasdaq: ATML  ) are getting crushed today by as much as 16% after the company reported earnings and soft guidance.

So what: First-quarter revenue came in at $357.8 million, with adjusted earnings per share of $0.08; both results handily topped the Street's forecasts of $352.6 million in sales and $0.04 per share in profit. CEO Steve Laub said that the company's business bottomed during the first quarter, as expected.

Now what: Next quarter's guidance was worse than expected, though, predicting revenue between $365 million and $379 million, while analysts thought $385.8 million was in order. The company continues to be held back by the lack of Google Android tablet adoption, where it carries a substantial market share in touchscreen controllers. Atmel also announced a $200 million stock repurchase program.

Interested in more info on Atmel? Add it to your watchlist by clicking here.

Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool owns shares of Google. Motley Fool newsletter services have recommended buying shares of Google. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.

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Related Tickers

12/31/1969 7:00 PM
ATML.DL $0.00 Down +0.00 +0.00%
Atmel CAPS Rating: ***