SAN JOSE, Calif.—Atmel Corp. said Tuesday that third-quarter profit fell 47 percent from a year ago, when the maker of microcontrollers for mobile touch-screens got a big tax benefit.
Sales rose 8 percent to the highest quarterly total since 2001, but still fell slightly short of expectations.
The company's shares fell 69 cents, or 6.7 percent, to $9.60 in extended trading following the release of the earnings results.
CEO Steve Laub said he was pleased with the results "in light of the weaker macro environment." He said the company is adjusting its business activities to align with market conditions, but didn't give specifics.
Net income fell to $116.7 million or 25 cents per share. That compared with $219.8 million, or 47 cents per share, in last year's third quarter, when the company got a tax audit settlement of $150.4 million.
Excluding one-time items such as restructuring costs and stock-based compensation, the company said it would have earned 26 cents per share.
Revenue rose 8 percent, to $479.4 million.
Analysts expected adjusted earnings of 24 cents per share on revenue of $483.3 million, according to FactSet.