NEW YORK (TheStreet) -- Atmel shares are down by 1.52% to $8.52 in afternoon trading on Wednesday, after the supplier of microcontrolers reported its 2015 second quarter earnings results yesterday. The San Jose, CA-based company reported first quarter net income of $6.3 million, or 8 cents per diluted share on revenue of $306.4 million. Analysts on average were expecting the company to report earnings of 10 cents per share on revenue of $318 million. The company reported a 20% drop in revenue from its microcontroler business segment while revenue from its automotive business segment rose 3% over the previous year. "Last quarter we delivered solid operating margins and earnings despite a weaker global semiconductor industry environment and the adverse impact of foreign exchange rates," CEO Steve Laub said in a statement. Separately, TheStreet Ratings team rates ATMEL CORP as a Buy with a ratings score of B-.