Why Xilinx Shares Got Clobbered Today

Image source: Xilinx.

What: Shares of programmable technology specialist Xilinx got clobbered today, down by 8% as of 12:07 p.m. ET, after the company reported fiscal fourth-quarter results.

So what: Revenue in the fiscal fourth quarter came in at $571 million, essentially flat sequentially and year over year. Net income was $145 million, or $0.54 per share. Both top- and bottom-line results bested consensus estimates, which called for $566 million in revenue and $0.52 per share in adjusted profit. The company declared an increased quarterly dividend of $0.33 per share.

Now what: CEO Moshe Gavrielov said this fiscal year has seen volatility in the company's wireless communication segment, but new products are driving momentum in both 20-nanometer and 28-nanometer products. Guidance was the real kicker: Sales in the current quarter are expected to be flat sequentially, with gross margin of 69% to 70%. Operating expenses should be about $220 million. The Street was expecting sales to increase sequentially to $579 million.

The article Why Xilinx Shares Got Clobbered Today originally appeared on Fool.com.

Evan Niu, CFA has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.