SiRF: Another Rough Quarter Sends Stock Tumbling
GPS chipmaker SiRF Technology Holdings (SIRF) is taking a bath following another rough quarter.
For Q2, revenue totaled $63.1 million, which was actually above the consensus of $62.1 million. But the company posted a non-GAAP loss of 19 cents a share, worse than the 13-cent loss the Street had expected. On a GAAP basis, the company lost a whopping $332.6 million, including a $215.7 million goodwill impairment charge, $42.9 million in acquisition related intangibles impairment, and $11.8 million impairment on a note receivable. Gross margin in the quarter dropped to 21 percent, from 53.9 percent a year ago.