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.
So what: First-quarter non-GAAP EPS of $0.32 fell short of consensus expectations of $0.33, while revenue of $94.9 million grew 145% year over year against an easy comparable to beat the consensus forecast of $91.6 million. For the second quarter, management expects revenue of $80 million to $90 million and non-GAAP EPS of $0.21 to $0.30.
Now what: Management cited customer supply chain disruptions because of the tragedy in Japan for the weak current quarter outlook. It expects this to "be resolved in the coming quarters," suggesting the weakness could spill into the second half of the year. An upcoming product transition in STEC's flagship product line also makes this solid-state drive company's outlook less solid.
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