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What: Shares of Diodes Incorporated
So what: The maker of -- you guessed it -- diodes posted third-quarter sales of $160.6 million and earnings per share of $0.26. Both were below what the market was looking for, as the consensus estimates called for $164.5 million in revenue and earnings of $0.34 per share.
Now what: CEO Dr. Keh-Shew Lu attributed the miss to "broad weakness across global markets that began in May and accelerated throughout the third quarter." In response, the company took steps to reduce costs like delaying capital investments, freezing hiring, and reducing travel time. During the quarter, Diodes also continued to drive manufacturing productivity improvements at its China packaging facilities to maximize utilization.
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Fool contributor Evan Niu holds no position in any company mentioned. Check out his holdings and a short bio. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.