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What: Fairchild Semiconductor (NASDAQ:FCS) fell as much as 13.6% today after the company reported a second quarter loss this morning.

So what: Overall, Fairchild's results were underwhelming. The company's revenue of $355.2 million was flat from the prior quarter and down 4% from the year-ago quarter.

"Demand was weaker than expected during the second quarter from some mobile and appliance customers, the wireless telecom sector as well as general market distribution," said Fairchild CEO Mark Thompson in the company's second-quarter earnings press release.

The worse-than-expected revenue carried over negatively to the company's bottom line. Fairchild reported a $900,000 loss, or a $0.01 loss per share, down significantly from a profit of $17.8 million, or $0.14 per share, in the year-ago quarter.

Now what: Investors would be wise to steer clear of Fairchild for now. The company is failing to give investors positive signs that its business can return to growth. Indeed, the signs are quite the opposite. On a year-over-year basis, revenue, EPS, and gross profit are down meaningfully. And, looking forward, there's no sign Fairchild looks poised to return to growth. While the company expects revenue to increase slightly sequentially, Fairchild's guidance for $355 million to $375 million for Q3 revenue is still below its revenue of $381.1 million in the year-ago quarter.

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