Macom Q3: revenue down 21.4 percent
"Our priority is to return the company to profitability and to improve performance", says CEO Stephen Daly
Macom Technology has announced its financial results for Q3 ended June 28, 2019. Revenue was $108.3 million, a decrease of 21.4 percent compared to $137.9 million in the previous year Q3 and a decrease of 15.7 percent compared to $128.5 million in the prior quarter;
Gross profit was $33.8 million, a decrease of 29.8 percent compared to $48.2 million in the previous year Q3 and a decrease of 41.0 percent compared to $57.3 million in the prior quarter;
Gross margin was 31.2 percent, compared to 34.9 percent in the previous year Q3 and 44.6 percent in the prior quarter;
Operating loss was $323.8 million, inclusive of $264.1 million of impairment charges, compared to a loss of $42.6 million in the previous year Q3 and a loss of $30.2 million in the prior quarter; and
Net loss from continuing operations was $324.7 million, or $4.95 loss per diluted share, compared to net loss of $85.2 million, or $1.31 loss per diluted share, in the previous year Q3 and net loss of $46.2 million, or $0.71 loss per diluted share, in the prior quarter.
"This was a pivotal quarter for Macom," said Stephen G. Daly, president and CEO. "Our priority is to return the company to profitability and to improve performance on key development projects so that we can achieve our growth objectives."
Business Outlook
For Q4 ending September 27, 2019, Macom expects revenue to be in the range of $108 million to $112 million. Adjusted gross margin is expected to be between 52 percent and 54 percent, and adjusted loss per share is expected to be between $(0.04) and $0.00 on an anticipated 66.5 million fully diluted shares outstanding.
