GSI Technology's stock falls after company sees losses swell
GSI Technology Inc. shares (GSIT) fell 3.7% Friday after the memory specialist reported a fiscal second-quarter net loss of $4.06 million, or 16 cents a share, compared with a net loss of $3.23 million, or 13 cents a share, in the prior year's quarter. The company has reported a net loss for more than a dozen straight quarters. GSI Technology's revenue was $5.71 million, at the high end of the company's guidance, compared with revenue of $8.95 million in the same period last year. "It is worth noting that our second-quarter fiscal year 2023 revenue was boosted by inventory builds with several key customers, which presents a challenging year-over-year comparison," said GSI Technology CEO Lee-Lean Shu, in a statement. GSI Technology's gross margin was 54.7%, compared with 62.6% in the prior year's quarter. For the fiscal third quarter, GSI Technology expects revenue of $5.4 million to $6.2 million, and a gross margin of approximately 55% to 57%. The Sunnyvale, Calif.-based small-cap company sparked meme-like buzz earlier this year, attracting attention from users posting on Reddit about GSI Technology's efforts around AI-processor technology. Last week, GSI Technology announced design completion of its Gemini-II processor, which it is aiming at the artificial-intelligence market. The company is eyeing opportunities for the Gemini-II processor in AI applications and the aerospace market, touting the technology as a good fit for drones, satellites and aircraft. GSI Technology's stock has risen 34.1% in 2023, outpacing the S&P 500 index's gain of 7.8%.
-James Rogers
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
10-27-23 0955ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening in the Markets This Week
-
4 Top Dividend-Paying REIT Stock Picks
-
After Earnings, Is Netflix Stock a Buy, a Sell, or Fairly Valued?
-
P-CAPE: A Better Way for Investors to Estimate Future Returns
-
Which Stocks Have Driven the Stealth Large-Value Rally?
-
Forecasts for Q2 GDP Report Show a Healthy but Slowing Economy
-
5 Stocks to Buy as the Market Rally Broadens
-
4 Top US Travel Stock Picks
-
How Do Interest Rates Affect Stock Market Returns?
-
American Airlines Earnings: Ticket Distribution Misstep Affected Results
-
Going Into Earnings, Is Albemarle Stock a Buy, a Sell, or Fairly Valued?
-
3 Top Cybersecurity Stock Picks for Long-Term Investors
-
AbbVie Earnings: Firm Sees Strong Next-Generation Immunology Drugs Sales
-
Ford Earnings: Warranty Problems on Older Vehicles Slam Results
-
ServiceNow Earnings: Operating on a Higher Plane Within Enterprise Software