National Semiconductor Corp. (NYSE:NSM) posted profit that was in-line with expectations, but revenue missed the Street’s view, prompting shares to sink after the bell on Thursday.The chip-maker forecast fiscal fourth-quarter revenue in the range of $360 to $370 million, bracketing analyst expectations for revenue of $367 million.
The California-based company posted net income of $59.4 million or 24 cents a share, compared with year-ago earnings of $53.2 million or 22 cents a share.
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Revenue fell 5% to $343.9 million, compared with last year’s sales of $361.90 million. Gross margin narrowed to 66.5% compared with 67.3%, one year ago.
The company’s results were mixed, as analysts polled by Thomson Reuters most recently forecast earnings of 24 cents a share on revenue of $352.1 million.
"As we move beyond the inventory correction, and the post-holiday slowdown in the mobile phone market, we are looking forward to resuming revenue growth," said Don Macleod, National's chief executive officer, in a statement. "We see our power management and, in particular, energy efficiency solutions driving revenue growth in broad industrial and mobile device markets."
Shares of National Semiconductor fell 31 cents or 2.14% in Thursday’s session, closing the day at $14.16. The stock was down another 34 cents or 2.40% in after-hours trading upon the release of results.