Spreadtrum 2Q misses projections, trims forecast

Spreadtrum Communications Inc., a Chinese technology company that has shares listed in the U.S., reported second-quarter profit Wednesday that narrowly missed projections.

The company reported net income of $2.6 million, or 6 cents per share, down from $2.8 million, or 7 cents per share, last year. Revenue rose 25 percent to $40.2 million.

Analysts polled by Thomson Reuters expected earnings of 7 cents per share on revenue of $39.9 million.

However, Spreadtrum said it expects the third quarter "to be a very challenging transition quarter for us." The company said there will be delays in its Mocor software platform is one reason sales will slow during the current period.

It projects revenue in the third quarter to be approximately $20 million. Analysts projected revenue of $45.3 million for the third quarter.

Shares rose 15 cents, or 3.5 percent, to $4.44 in regular trading on Wednesday. However, they fell 94 cents, or 21 percent, to $3.50 in after-hours trading.