05:27 AM EDT, 04/10/2024 (MT Newswires) -- (Updates with the stock move in the first paragraph.)

SMART Global Holdings' ( SGH ) shares closed 7.4% lower in after-hours activity on Tuesday after the company's fiscal Q2 earnings sank by more than half and net sales plummeted from a year ago.

The company reported fiscal Q2 non-GAAP earnings late Tuesday of $0.27 per diluted share, down from $0.87 a year earlier.

Analysts surveyed by Capital IQ expected $0.25.

Net sales for the quarter ended March 1 were $284.8 million, down from $388.4 million a year earlier.

Analysts surveyed by Capital IQ expected $285.1 million.

The company expects fiscal Q3 non-GAAP EPS of $0.30, plus or minus $0.15. Analysts surveyed by Capital IQ expect $0.29. The company expects sales for the quarter of $300 million, plus or minus $25 million. Analysts surveyed by Capital IQ expect $310.4 million.

Price: 24.01, Change: -1.91, Percent Change: -7.37