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Apr
30
Cavium Q1 In Line; Gross Margin Shrinks; Stock Slips
Filed Under Uncategorized
Cavium Q1 In Line; Gross Margin Shrinks; Stock Slips
Cavium Networks (CAVM) shares are sharply lower in late trading despite reporting Q1 results in line with Street estimates. For the quarter, the communications processor company posted revenue of $20.4 million, down 8% sequentially but up 11% form a year ago. Non-GAAP profits were 4 cents a share, a penny ahead of the Street. But gross margin fell to 46.9% on a GAAP basis from 49.8% in Q4 and 64.1% a year ago; non-GAAP gross margin was 53.7%, down from 55.1% in Q4. The company said sale
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