— Semiconductor maker Standard Microsystems Corp. on Tuesday reported lower net income for its fiscal second quarter as higher expenses offset an 8 percent revenue boost.
Its outlook for the current quarter also fell below Wall Street’s expectations and the company’s shares tumbled in after-hours trading.
Standard Microsystems posted net income of $11.9 million, or 51 cents a share, for the quarter ended Aug. 31, down from $12.9 million, or 57 cents a share, a year earlier.
After adjusting for one-time items like restructuring charges, the company said it earned 36 cents a share in the latest quarter. That missed analysts’ estimates by a penny, according to a FactSet survey.
Among higher expenses was a rise in research and development spending to $22.6 million from $19.8 million a year before. Its adjusted gross margin was 54.6 percent, down from 57.4 percent.
It reported revenue of $112.6 million, up from $104.1 million a year earlier, and in line with analysts’ estimates. T
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