Shares of Rambus (NASDAQ: RMBS) are down 19.2% as of 2:45 p.m. ET Tuesday after the chip interface technologies specialist announced weaker-than-expected quarterly results.
Rambus' fourth-quarter 2023 revenue fell slightly on a year-over-year basis to $122.2 million, as a 67% increase in royalties revenue (to $52.4 million) was more than offset by declines in product (down 20% to $53.7 million) and contract revenue (down 32.4% to $16.1 million). On the bottom line -- excluding non-recurring items such as stock-based compensation and a one-time gain on the sale of an equity investment -- that translated to non-GAAP (adjusted) net income of $41 million, or roughly $0.37 per share. Analysts, on average, were expecting earnings of $0.45 per share on revenue closer to $140 million.
Licensing billings for the quarter were up around 3% year over year to $66.2 million.
Source Fool.com