Sigma Designs Plunges After Q1 Report

Shares of

were trading down more than 8 percent on Wednesday after the company reported its fiscal first-quarter results. Sigma reported earnings per share that missed consensus by a penny and revenue that topped expectations in the quarter. The company reported a net loss of $4.5 million or $0.13 per share, versus a loss of $13.7 million or $0.42 per share, in last year's corresponding period. Net income on an adjusted basis, which is comparable to analysts' consensus, was $0.3 million or $0.01 per share. This missed Street expectations of $0.02. Sales were up 31 percent to $52.54 million from $40.26 million last year. This beat analysts' consensus revenue estimates of $50.42 million.