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Short Take: Diamond Multimedia badly misses quarterly estimates

Diamond Multimedia reported third-quarter revenues of $123.2 million, which made for a net loss of $22.2 million, or 63 cents a share. Analysts had expected a much more modest loss of 16 cents a share. In the year-ago quarter, the graphics card maker earned $92 million, for a net loss of $2.5 million, or 7 cents a share. The company blamed the loss on its decision to reduce inventory and manufacturing during the first part of the quarter, which later left the company short of product to sell.

Diamond Multimedia reported third-quarter revenues of $123.2 million, which made for a net loss of $22.2 million, or 63 cents a share. Analysts had expected a much more modest loss of 16 cents a share. In the year-ago quarter, the graphics card maker earned $92 million, for a net loss of $2.5 million, or 7 cents a share. The company blamed the loss on its decision to reduce inventory and manufacturing during the first part of the quarter, which later left the company short of product to sell.