With stocks falling for the 4th day this week on Thursday, there were plenty of losers to choose from, especially from companies that missed analyst expectations in their results and/or guidance.
Sequans Communications (SQNS) tumbled 45% after giving cautious guidance and reporting Q2 results. The company reported that revenue of $30.6 million increased 21% sequentially from the first quarter of 2011 and 84% compared with the second quarter of 2010. Net profit was $0.1 million, or $0.00 per diluted share/ADS, compared with a net profit of $1.9 million, or $0.07 per share/ADS in the first quarter of 2011, and a net profit of $0.6 million, or $0.02 per share/ADS in the second quarter of 2010.
The company added “after rapid volume growth in the first two quarters of 2011, we recently have seen more cautious order patterns, which we believe are driven by some uncertainty related to several new WiMAX smartphone models being introduced into the U.S. market. This is occurring during a particularly dynamic phase in the evolution of 4G as various carriers plan their migration to LTE. With both a smartphone-optimized LTE chip and a dual-mode WiMAX/LTE chip in our roadmap for the second half, we are well-positioned to participate in any strategy operators choose, but LTE is not expected to contribute materially to our revenue until the second half of 2012.” Given the lack of visibility, Sequans currently expects revenue in the second half of 2011 is likely to be lower than $50 million.
THQ (THQI) closed 15% lower after weak Q1 results. On a non-GAAP basis, for the three months ended June 30, 2011, the company reported net sales of $141.2 million, compared with $160.3 million a year ago. On a non-GAAP basis, for the three months ended June 30, 2011, the company reported a net loss of $64.4 million, or $0.94 per diluted share, compared with a non-GAAP net loss of $14.4 million, or $0.21 per diluted share, in the prior-year period. Analysts had expected EPS of ($0.52) on revenue of $172 million.
The company added that sales of Red Faction: Armageddon and its licensed kids titles were below its expectations, and the late release of UFC Personal Trainer also adversely impacted the quarter
support.com (SPRT) fell 22% after releasing Q2 results. For the second quarter of 2011, total revenue was $13.5 million compared with $9.9 million in the second quarter of 2010, and $13.0 million in the first quarter of 2011. Non-GAAP net loss from continuing operations for the second quarter of 2011 was $2.4 million, or $(0.05) per share, compared with $5.1 million, or $(0.11) per share, in the second quarter of 2010, and $2.2 million, or $(0.05) per share, in the first quarter of 2011.
BioSante Pharmaceuticals (BPAX) fell 3% after it announced and priced a public offering. The company announced the pricing of its underwritten public offering of 16.0 million shares of its common stock, offered at a price of $3.00 per share to the public. The net proceeds to BioSante from this offering are expected to be approximately $45.0 million, after deducting underwriting discounts and commissions, and other estimated offering expenses payable by BioSante.
TriQuint Semiconductor (TQNT) fell 27% after reporting Q2 results and providing a weak Q3 outlook. Revenue for Q2 was $228.8 million vs. $236 million analyst consensus; non-GAAP EPS was $0.17 per diluted share vs. $0.17 analyst consensus.
The company believes third quarter revenue will be between $225 million and $235 million. Litigation expense is expected to be approximately $5 million. Third quarter non-GAAP net income is expected to be between $0.16 and $0.18 per share. The company is 88% booked to the midpoint of revenue guidance. Analysts had expected EPS of $0.25 on revenue of $267 million.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.