Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Entropic Communications (UNKNOWN:ENTR.DL) dropped today by as much as 10% after the company announced earnings.
So what: Revenue in the fourth quarter came in at $89.7 million, leading to record annual sales of $321.7 million. Non-GAAP net income was $7.6 million, or $0.08 per share. The top line was a bit light relative to expectations, but earnings came in exactly as analysts were expecting.
Now what: Full-year adjusted earnings per share were $0.37. Entropic continues through its transition into a broad-based platform silicon company after acquisitions last year. CEO Patrick Henry said he expects 2013 to be a key year for the company's transition. It seems that the transition can't be completed soon enough for investors.
Interested in more info on Entropic Communications? Add it to your watchlist by clicking here.