Applied Micro Circuits
The 10-second takeaway
For the quarter ended June 30 (Q1), Applied Micro Circuits beat expectations on revenues and exceeded expectations on earnings per share.
Compared to the prior-year quarter, revenue contracted significantly and GAAP loss per share improved.
Margins shrank across the board.
Applied Micro Circuits booked revenue of $41.3 million. The seven analysts polled by S&P Capital IQ expected sales of $40.1 million on the same basis. GAAP reported sales were 32% lower than the prior-year quarter's $60.8 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at -$0.18. The six earnings estimates compiled by S&P Capital IQ predicted -$0.19 per share. GAAP EPS were -$0.37 for Q1 compared to -$0.11 per share for the prior-year quarter.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 55.6%, 110 basis points worse than the prior-year quarter. Operating margin was -51.7%, 3,940 basis points worse than the prior-year quarter. Net margin was -56.6%, 4,530 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $45.3 million. On the bottom line, the average EPS estimate is -$0.16.
Next year's average estimate for revenue is $192.4 million. The average EPS estimate is -$0.52.
The stock has a one-star rating (out of five) at Motley Fool CAPS, with 122 members out of 157 rating the stock outperform, and 35 members rating it underperform. Among 25 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 19 give Applied Micro Circuits a green thumbs-up, and six give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Applied Micro Circuits is outperform, with an average price target of $8.61.
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