SemiLEDs Tanks on Q3 Earnings Results

Shares of SemiLEDs

are trading lower in the after-hours following the release of the company's Q3 earnings results. Currently, shares are lower by 12.90%, trading at $5.40; they ended the regular session higher by 1.97%, at $6.20. SemiLEDs reported Q3 GAAP EPS of ($0.19) on revenues of $5.6 million; the Street was looking for a loss of $0.07 per share on revenues of $6.3 million. Revenues decreased 43.4% year over year. “Our fiscal third quarter was challenging as pricing pressure and end demand weakness continued from the fiscal second quarter. However, we are seeing pricing stabilize," said Trung Doan, Chairman and CEO of SemiLEDs. "We remain focused on improving our cost structure by accelerating our efforts to transition to four inch wafer production at our Taiwan facility, continuing to ramp four inch production volume at China SemiLEDs, as well as supporting our customers to maximize the benefits of our metal vertical chip structures to reduce the total cost of ownership." SemiLEDs Corporation is a holding company. The company develops, manufactures and sells light emitting diode chips and LED components. Its products are used primarily for general lighting applications, including street lights and commercial, industrial and residential lighting.