10:25 AM EDT, 10/31/2024 (MT Newswires) -- Allegro MicroSystems ( ALGM ) shares fell more than 7% in recent Thursday trading after the company reported lower quarterly results.

The company reported fiscal Q2 non-GAAP earnings of $0.08 per diluted share, down from $0.40 a year earlier.

Analysts polled by Capital IQ expected $0.06.

Net sales for the quarter ended Sept. 27 were $187.4 million, down from $275.5 million a year earlier.

Analysts surveyed by Capital IQ expected $187.6 million.

For fiscal Q3, the firm said it expects adjusted EPS of $0.04 to $0.08. Analysts polled by Capital IQ expect $0.12. Net sales for the fiscal quarter are expected to be between $170 million to $180 million. Analysts expect $203.2 million.

Price: 20.61, Change: -1.61, Percent Change: -7.25