Chipmaker SiTime late Wednesday crushed Wall Street's targets for sales and earnings in the first quarter. But SITM stock dipped in extended trading.
The Santa Clara, Calif.-based company earned an adjusted 94 cents a share on sales of $70.3 million in the March quarter. Analysts polled by FactSet expected SiTime earnings of 76 cents a share on sales of $65 million. On a year-over-year basis, SiTime earnings soared 327% while sales jumped 98%.
It was the company's seventh straight quarter of triple-digit percentage earnings gains on an absolute value basis.
In after-hours trading on the stock market today, SITM stock slipped 1.1% to 190. During the regular session Wednesday, SITM stock popped 4.7% to close at 192.01.
SITM Stock Ranks Ninth In Group
The company did not give guidance for the current quarter in its earnings news release.
SiTime specializes in making micro-electromechanical systems, known as MEMS, for timing devices in a host of electronics. Timing devices synchronize the activities of various chips in a system.
SITM stock ranks ninth out of 30 stocks in IBD's fabless chipmaker industry group, according to IBD Stock Checkup. It has an IBD Composite Rating of 81 out of 99. IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.
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