|
| Friday, July 28, 2006 |
Genesis Microchip (Nasdaq GNSS) shares surged $1.95, or more than 17%, to $13.16. On Thursday, the maker of microchips used in flat-panel displays and digital TVs reported a 30% drop in its first-quarter profit, but its earnings still came in ahead of Wall Street analysts forecasts.
The company's profit fell to $1.4 million, or 4 cents a share, from $2.1 million, or 6 cents a share, a year ago, while revenue declined to $55.9 million from $59.8 million. Excluding stock-compensation and other items, Genesis said it would have earned 11 cents a share. By that measure, Wall Street analysts had forecast Genesis to break even on a per-share basis. |
|
|
|
