Everspin Technologies Shares Drop 16% After Move to 1Q Loss

Dow Jones05-02

By Chris Wack

Everspin Technologies shares dropped after the company swung to a first-quarter loss.

Shares were down 16% to $6.29 in recent trading.

The company said Wednesday had a quarterly loss of $202,000, or 1 cents a share, compared with earnings of $761,000, or 4 cents a share, in the same quarter last year.

Revenue for the quarter was $14.4 million, compared with last year's $14.8 million.

Everspin said its magnetoresistive random access memory, or MRAM, product sales dropped to $10.9 million, from last year's sales of $13.8 million.

For the second quarter, the company is looking for revenue of $10 million to $11 million, and a loss of 9 cents to 14 cents a share.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

May 02, 2024 10:46 ET (14:46 GMT)

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