IOTS - Why Shares of Adesto Technologies Sank Today
Shares of Adesto Technologies (NASDAQ: IOTS) slumped on Wednesday after the provider of application-specific semiconductors reported its third-quarter results. The tech company's numbers were mixed relative to analyst estimates, with the top line coming up short. As of 11:30 a.m. EST, the stock was down 16.7%.
Adesto reported third-quarter revenue of $32 million, up 46.1% year over year but about $0.9 million lower than the average analyst estimate. "We continued to strengthen our position in the industrial market and also advanced engagements with our tier-one consumer customers across portable computing, wearables and smart home applications," said CEO Narbeh Derhacobian.
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