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 TriQuint Semiconductor (Nasdaq: TQNT) are getting crushed today by as much as 14% after the company reported first-quarter earnings.

So what: Revenue came in at $216.7 million, with non-GAAP earnings per share of just $0.02. That was just about as much as analysts were expecting TriQuint to make, although next quarter's guidance suggests rough seas ahead.

Now what: CEO Ralph Quinsey expects a "challenging second quarter in the mobile devices market, specifically with our largest customer," referring to its ties with Apple. Quinsey said the dip should be temporary, and TriQuint should resume growth in the second half. The coming quarter is expected to see a non-GAAP loss of between $0.10 and $0.15.

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Fool contributor Evan Niu owns shares of Apple, but he holds no other position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool owns shares of TriQuint Semiconductor and Apple. Motley Fool newsletter services have recommended buying shares of and creating a bull call spread position in Apple. The Motley Fool has a disclosure policy.
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