Rambus slides to 9-month low as Q2 results disappoint

Rambus

30/07/2024 18:34

** Rambus shares  RMBS.O  slide over 11% to $49.6 after the
chipmaker misses expectations on Q2 results
    ** Stock trades at levels seen more than nine months ago and
on track for its biggest one-day drop in nearly six months
    ** Co's Q2 earnings of 33 cents/shr misses Street estimates
of 45 cents/shr - LSEG data
    ** RMBS also posted Q2 rev. of $132.1 mln, lower than
expectations of $138.9 mln
    ** At least two brokerages trim PTs on stock post results
    ** Jefferies says co's DDR5 chipset is taking longer to
develop but could see tailwinds from additional product ramp ups
into next year
    ** Four of five brokerages rate the stock "buy" or higher,
one "hold"; their median PT is $73 - LSEG data
    ** Stock has fallen 27.2% YTD

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))