Shares of Rambus fell 15% in premarket trading after the company issued guidance for the second-quarter with a midpoint below Wall Street's expectations.

The semiconductor and silicon technology company said it expects second-quarter product revenue between $95 million and $101 million, with contract and other revenue projected between $19 million and $25 million.

Analysts surveyed by FactSet are expecting product revenue of $100.5 million and contract and other revenue of $25 million.

Rambus on Monday reported a first-quarter profit of $59.9 million, or 55 cents a share, compared with a profit of $60.3 million, or 56 cents a share, a year earlier.

Stripping out certain one-time items, the company logged adjusted earnings of 63 cents a share. Analysts polled by FactSet were expecting 64 cents a share.

Revenue rose to $180.2 million, up from $166.7 million a year prior. Analysts were expecting $179.9 million in revenue.

Product revenue rose to $88 million from $76.3 million, compared with analysts' expectation of $87.3 million. Contract and other revenue grew to $22.6 million from $16.4 million, behind analysts' expectation of $24.3 million.