It is often remarkable that people who are entrusted with the responsibility of running millions (if not billions) of dollars are often so easily spooked. Right now, tech investors are running scared when it comes to the chip sector, leaving names like Broadcom (Nasdaq:BRCM) on the outs. Apparently Atmel (Nasdaq:ATML) can go on that list now too: Even though the company reported good results and consistent guidance, Wall Street does not seem overly impressed.
A Strong Start to the Year
Atmel reported revenue for the first quarter that just nearly matched the highest estimate and did surpass the average guess. Revenue grew just 1% on a sequential basis, while rising about 43% from last year on a like-for-like basis.
Growth was again led by the microcontroller business; now nearly two-thirds of the company's revenue base, microcontroller revenue was up 2% sequentially. Better still, the company's 32-bit microcontroller business was up 20% sequentially and the company continues to log impressive design wins in the smartphone and tablet industry. Non-volatile memory actually grew better than microcontrollers, while ASIC was the only segment to decline on a sequential basis. (For related reading, check out A Good Opportunity For Broadcom?)
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