Adesto Tech: 3Q Earnings Snapshot
SANTA CLARA, Calif. (AP) _ Adesto Technologies Corp. (IOTS) on Tuesday reported a loss of $7.6 million in its third quarter.
The Santa Clara, California-based company said it had a loss of 25 cents per share. Earnings, adjusted for non-recurring costs and amortization costs, came to 3 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.
The memory products maker posted revenue of $32 million in the period.
For the current quarter ending in December, Adesto Tech said it expects revenue in the range of $32 million to $35 million.
Adesto Tech shares have more than doubled since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $9.31, more than doubling in the last 12 months.