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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.

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