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What: Shares of Freescale Semiconductor
So what: Revenue added up to $1.03 billion, resulting in adjusted earnings per share of $0.07. That top-line figure was right on target, while the bottom line beat the Street's best guesses of $0.05 per share. The real culprit was in the company's third-quarter guidance.
Now what: Third-quarter sales are predicted to range from $955 million to just over $1 billion, which is below expectations. Additionally, gross margin is expected to decrease by roughly 75 basis points sequentially. Freshly minted CEO Gregg Lowe continues to work on reducing costs to get back in the black, and will be conducting a strategic review over the following weeks.
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