Rambus Shares Tank On Weak Second-quarter Outlook

Shares of Rambus Inc. tanked in Monday's extended session after the technology licensing company issued a weak outlook for the current quarter. Rambus reported its first-quarter earnings shrank to $1.88 million, or 2 cents a share, from $9.5 million, or 8 cents a share, a year earlier. On an adjusted basis, the company earned 13 cents a share. Revenue fell to $72.7 million from $72.9 million. Analysts surveyed by FactSet had forecast earnings of 5 cents a share on revenue of $73.3 million. Rambus projected second-quarter revenue of $72 million and $77 million, below analysts' outlook of $78.7 million. Shares skidded 9.9% in after-hours trading.