Sapphire ingot factory Rubicon Technology's first quarter results were lower than expected
Rubicon Technology, the largest sapphire ingot manufacturer in the United States, closed at a nine-month low on Friday, with its stock price falling nearly 17%. The company's first-quarter results were worse than expected, putting pressure on its stock price.
As of the close, Rubicon Technology’s share price fell 16.4%, closing at $8.51, a new low since August 2013. The trading volume increased nearly 2.3 times compared with its three-month average trading volume.
The financial report shows that Rubicon Technology's revenue in the first quarter of fiscal year 2013 reached US$14.3 million, a year-on-year increase of 72.1% and a month-on-month increase of 24.35%, which was higher than the market's previous expectation of US$12.95 million; the net loss per share in the first quarter was US$0.43, which was lower than market expectations. In addition, it expects its second-quarter net loss per share to be between $0.38 and $0.46, while the market had expected its second-quarter net loss per share to be $0.20.
JP Morgan Chase believes that due to the promising application prospects of smartphones, wearable smart devices, and LED markets, sapphire materials are expected to be widely used. As the largest sapphire ingot manufacturer in the United States, Rubicon Technology will fully benefit.
ANNA