Pixelworks shares tumble after 3Q results

Pixelworks shares take a hit after 3rd-quarter results disappoint

• On 1:23 pm EDT, Tuesday October 20, 2009

PORTLAND, Ore. (AP) -- Shares of Pixelworks Inc. tumbled Tuesday after the company, which makes chips used in high-end televisions posted a third-quarter loss and lower revenue.

The company reported a net loss of $890,000, or 7 cents per share, down from a profit of $8.2 million, or 56 cents per share, in the same period a year earlier. Adjusted earnings were a penny per share in the latest quarter.

Revenue fell 22 percent to $16.7 million from $21.5 million.

The company said the quarter's sales were at the high end of its guidance.

President and CEO Bruce Walicek said the third quarter was a solid one as the company saw a "a broad recovery across our customer base."

Pixelworks forecast fourth-quarter sales of $17 million to $19 million.

Shares fell 69 cents, or 17.1 percent, to $3.35 in afternoon trading. In the past 52 weeks, the stock has traded between 36 cents and $4.23.