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Wednesday, November 04, 2009
Stec Shares Pummeled On Weak Outlook
FOXBusiness
Stec (STEC) reported late Tuesday a 20-fold increase in earnings for the third quarter, thanks to a rise in sales of data storage devices, but the company's shares were hammered after a soft revenue outlook.
Sales at the Santa Ana, Calif., tech company totaled $24.5 million, or 47 cents per share, compared with $1.2 million, or 2 cents per share, in the year prior.
Revenue rose by 54% to $98.3 million, or 50 cents per share, excluding one-time charges, beating Thomson Reuters analyst expectations of 47 cents per share on revenue of $96.6 million.
For the fourth quarter, Stec said revenue will range from $101 million to $103 million, while analysts had estimated a target of $106 million.
The stock plunged 39% to $14.14 on Wednesday.
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