UPDATE: Rubicon Posts Drop In Q3 Profit
Rubicon Technology (NASDAQ: RBCN) reported a drop in its third-quarter profit.
For the current quarter, Rubicon projects a loss of $0.02 to $0.05 per share. However, analysts were expecting a profit of $0.04 per share.
Rubicon's quarterly profit fell to $272,000, or $0.01 per share, from $8.19 million, or $0.35 per share, in the year-ago period.
Its revenue declined 41% to $19.9 million. Rubicon in August had expected a loss of $0.02 to $0.05 per share on revenue of $18 million to $21 million.
Rubicon's gross margin dropped to 12.3% from 47.9%.
Rubicon shares closed at $9.03 yesterday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.