CHELMSFORD, Ma.—Semiconductor maker Hittite Microwave Corp. said Thursday its profit increased 8 percent in the third quarter, but its shares declined after it issued a weak fourth-quarter outlook.
Hittite said its net income rose to $22.4 million, or 73 cents per share, from $20.8 million, or 69 cents per share. Its revenue grew 6 percent, to $68.1 million from $64.2 million.
Analysts were expecting a smaller profit of 67 cents per share on revenue of $69.1 million, according to estimates compiled by FactSet.
However the company said it expects to earn between 50 and 54 cents per share and $58 million to $61 million in revenue. On average, analysts were forecasting a profit of 67 cents per share and $70.1 million in revenue.
Hittite Microwave shares dropped $6.14, or 11.7 percent, to $46.25 in after-hours trading following the earnings report.
