Silicon wafer maker MEMC Electronic Materials Inc. said Thursday its second-quarter profit plunged as sales were cut in half.
The company earned $6.5 million, or 3 cents per share, compared with profit of $176.1 million, or 76 cents per share, during the same period a year ago. Revenue fell 47 percent to $282.9 million from $531.4 million.
Analysts polled by Thomson Reuters expected the company to break-even on revenue of $231.2 million.
MEMC cited the weak economy as reason for the slump in revenue and profit.
"While we saw a significant increase in sales compared with the first quarter, our overall results continue to reflect the generally weak macroeconomic conditions," said President and CEO Ahmad Chatila in a statement.
Looking ahead, the company said it expects demand in the semiconductor industry to continue to improve in the third quarter. It expects third-quarter revenue between $300 million and $350 million, while analysts expect revenue of $289 million.
Shares of MEMC rose $1.67, or 8 percent, to $22.53 in after-hours trading after rising 73 cents, or 3.6 percent, to close at $20.86 during the regular trading session.
