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TriQuint: What’s the Next Move?

TriQuint Semiconductor Inc.’s (TQNT) fourth-quarter earnings more than doubled as revenue jumped by nearly one-third, but results still fell short of analysts’ forecasts.

Shares fell 13% to $11.90 after hours. The stock has more than doubled in value the past year.

The company also forecast current-quarter earnings of 14 cents to 16 cents a share on revenue of $215 million to $225 million. Analysts surveyed by Thomson Reuters expect 19 cents on $227 million.

TriQuint also said it sees full-year revenue up about 20%. Analysts had forecast an increase of 17% in revenue.

“With the world transitioning to a mobile Internet, I expect a strong market and see another solid growth year for TriQuint in 2011,” said President and Chief Executive Ralph Quinsey.

The maker of chips used in mobile communications devices participates in a mobile-devices market that has been rapidly expanding–and seeing high levels of competition–of late.

TriQuint reported a profit of $42.5 million, or 25 cents a share, up from $17.5 million, or 11 cents, a year earlier. The year-earlier quarter included 3 cents of net impacts such as stock-based compensation.

Revenue rose 31% to $253.4 million.

Analysts polled by Thomson Reuters had most recently forecast earnings of 28 cents on $251 million in revenue.

Gross margin rose to 39% from 37.4%.

After reading the quick article from the Wall Street Journal you can see that TQNT is getting shellacked after a light quarter.  The question remains, is there business still intact?  Well, from a fundamental view I still have to do more work and read up on what has really changed but from I have read in the past I don’t see these earnings having any impact as to future 4G growth, but this is extremely raw and I have to take a closer look at the quarter and the companies remarks.

Technically there is solid support from $11.50 – $10 and if the name gives me any sign that it is  starting to hold I will start accumulating shares.   We bought a little on the release at $11.85 but nothing substantial as we take time to let the news digest and evaluate our original thesis.

I will give an update on the overall thesis over the next few days.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.