Shares of Indie Semiconductor Inc. (INDI) tumbled 9.85% in pre-market trading on Tuesday following the release of its first-quarter earnings report. The company, which specializes in automotive semiconductors, disappointed investors with a wider-than-expected loss and weaker-than-anticipated guidance for the second quarter.
Indie Semiconductor reported a Q1 loss of $0.18 per share, which was wider than the $0.16 loss per share analysts had forecast. While this represents an improvement from the $0.19 loss per share in the same quarter last year, it fell short of market expectations. Revenue for the quarter ended March 31 came in at $54.1 million, up from $52.4 million a year earlier, but slightly below the $54.7 million analysts had projected.
Adding to investor concerns, Indie Semiconductor provided soft guidance for the second quarter. The company expects Q2 revenue to be between $50 million and $53 million, significantly below the $56 million analysts were anticipating. This outlook suggests potential challenges in the near term for the semiconductor firm, which has already seen its shares lose 42.5% of their value year-to-date prior to this announcement. The pre-market plunge indicates that investors are reassessing the company's growth prospects in light of the earnings miss and conservative guidance.
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