NVE falls 18% after Q1 earnings miss Street estimates
NVE Corporation (Nasdaq:NVEC) is off 18% in today’s pre-market trading after its first-quarter earnings missed analyst estimates. NVE reported after the close on Wednesday its earnings for the quarter ended June 30. Net income was $1.9 million, or $0.40 per share, compared with $1.59 million, or $0.33 per share, for the same quarter a year earlier. Revenues were $4.86 million versus $4.71 million in the period a year ago. Wall Street was expecting earnings per share of $0.42 on revenues of $5.63 million.
The spintronics device manufacturer said product sales pushed revenues up for the quarter. Ahead of the opening, shares of Eden Prairie, Minn.-based NVE are at $28.33, down $6.24 from Wednesday’s close.
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