Mellanox misses Street 4Q forecasts

YOKNEAM, Israel (AP) _ Mellanox Technologies Ltd. (MLNX) on Wednesday reported fourth-quarter net income of $9 million.

The Yokneam, Israel-based company said it had profit of 18 cents per share. Earnings, adjusted for one-time gains and costs, were 82 cents per share.

The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 86 cents per share.

The semiconductor company posted revenue of $221.7 million in the period, which also missed Street forecasts. Five analysts surveyed by Zacks expected $225 million.

For the year, the company reported profit of $18.5 million, or 37 cents per share. Revenue was reported as $857.5 million.

For the current quarter ending in April, Mellanox said it expects revenue in the range of $200 million to $210 million. Analysts surveyed by Zacks had expected revenue of $225.6 million.

Mellanox shares have climbed 14 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $46.80, an increase of slightly more than 2 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MLNX at https://www.zacks.com/ap/MLNX

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Keywords: Mellanox, Earnings Report