Rambus (RMBS) Ends 3-Day Run on Dismal Earnings

We recently published 10 Stocks Crashing Hard Despite Highly Optimistic Market. Rambus Inc. (NASDAQ:RMBS) is one of the worst-performing stocks on Tuesday.

Rambus ended three straight days of gains on Tuesday, losing 8.71 percent to end at $103.72 apiece following a dismal net income performance in the third quarter of the year.

In an updated report, Rambus Inc. (NASDAQ:RMBS) said net income ended flat at $48 million, despite total revenues increasing by 22.7 percent to $178 million from $145 million year-on-year.

Product revenues jumped by 40.9 percent to $178 million from $145 million, while contract and other revenues jumped by 34 percent to $20.1 million from $15 million.

Commenting on the performance, Rambus Inc. (NASDAQ:RMBS) President and CEO Luc Seraphin believed that the company “delivered a very strong third quarter” and that it was “well positioned amid strong secular trends in data center and AI to drive long-term profitable growth.”

For the fourth quarter of the year, Rambus Inc. (NASDAQ:RMBS) expects revenues from products to settle between $94 million and $100 million, and from contracts and other revenues to end at $25 million to $31 million.

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Disclosure: None. This article is originally published at Insider Monkey.