Atmel (Nasdaq: ATML) is expected to report Q2 earnings on July 31. Here's what Wall Street wants to see:

The 10-second takeaway
Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Atmel's revenues will wither -22.3% and EPS will compress -69.2%.

The average estimate for revenue is $372.1 million. On the bottom line, the average EPS estimate is $0.08.

Revenue details
Last quarter, Atmel notched revenue of $357.8 million. GAAP reported sales were 22% lower than the prior-year quarter's $461.4 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
Last quarter, non-GAAP EPS came in at $0.08. GAAP EPS of $0.05 for Q1 were 69% lower than the prior-year quarter's $0.16 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
For the preceding quarter, gross margin was 42.6%, 840 basis points worse than the prior-year quarter. Operating margin was 7.5%, 1,470 basis points worse than the prior-year quarter. Net margin was 5.7%, 1,050 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $1.56 billion. The average EPS estimate is $0.47.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 381 members out of 416 rating the stock outperform, and 35 members rating it underperform. Among 75 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 71 give Atmel a green thumbs-up, and four give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Atmel is outperform, with an average price target of $12.62.

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