Inphi Down 28% on Disappointing Q2 Guidance
Inphi Corporation (NYSE: IPHI) is one the biggest losers on the session following its Q1 earnings and Q2 guidance that were announced yesterday. The company reported an EPS of EPS $0.03 vs $0.04 estimate and revenues of $20.2 million vs $20.02 million estimate. Inphi guided Q2 EPS $0.02-0.04 vs $0.08 estimates and revenue up 5-10% from Q1 vs 15% estimate.
Ford Tamer, CEO of Inphi stated: "I am pleased to report sequential revenue growth in my first quarter at Inphi and expect this trend to continue throughout the year. After almost three months as the CEO of Inphi, I can say that I continue to be impressed with the strength of Inphi's customer engagements, the depth of our relationships with ecosystem partners and the high quality of our team. I am enthusiastic about our prospects and where we will take Inphi as a company."
Inphi is currently trading at $9.85, a loss of $3.84 or 28.05%.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.