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What: Shares of Spansion (NYSE: CODE) have plunged today by as much as 12% after the company reported earnings that fell short.

So what: Revenue in the fourth quarter came in at $224 million, with non-GAAP earnings per share of $0.34. Investors were expecting more, as consensus estimates were perched at $234 million in sales and an adjusted profit of $0.36 per share.

Now what: CEO John Kispert said the company was able to deliver another profitable quarter amid tough market conditions. Spansion made progress this year with new NAND flash products. Kispert also said the company expects to grow revenue in 2013 after a seasonally soft first quarter. First-quarter outlook calls for revenue of $180 million to $205 million, resulting in an adjusted bottom line of a $0.05 per share loss to a $0.06 per share profit.

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