The top after-market NASDAQ Stock Market losers are: Akamai Technologies, Affymetrix, Arris Group, Flextronics International, TriQuint Semiconductor, Mellanox Technologies, Cornerstone OnDemand, CompuCredit Holdings, Novellus Systems, and Telestone Technologies.

Akamai Technologies Inc. (AKAM) stock plunged 11.05 percent to $36.45 in the after-market trading, as it guided second quarter below Street view. The company said it a conference call that it expects adjusted earnings of 34 cents to 37 cents a share and revenue of $270 million to $280 million, while Street predicts profit of 38 cents a share on revenue of $280.33 million.

Akamai reported its first quarter earnings of $50.6 million or 26 cents a share, up from $40.9 million or 22 cents a share last year. Normalized earnings were $72.2 million or 38 cents a share, up from $66.0 million or 35 cents a share last year. Revenue rose to $275.95 million from $240.03 million. Analysts had expected profit of 37 cents a share on revenue of $272.02 million. The company also said its board of directors has authorized a second $150 million expansion of its share repurchase program, which is expected to be funded by cash from operations. The program will be extend for 12 months beginning in May 2011.

Affymetrix Inc. (AFFX) stock plummeted 9.95 percent to $5.25 in the after-market trading. Profit for the first quarter was $39,000 or breakeven per share, compared to a loss of $9.6 million or $0.14 per share last year. Revenue declined to $73.7 million from $80.2 million. Analysts had expected breakeven per share on revenue of $75.77 million.

A key goal for 2011 is to generate at least 25 percent of our revenue from new markets including cytogenetics and cancer. We grew this segment to 22 percent of revenue through the first quarter. We continue to make progress in our efforts to return to sustained profitability, with operating expenses down by 13 percent and gross margins improving 4 percentage points, generating a slight profit on $74 million of quarterly revenue, said Kevin King, chief executive officer of Affymetrix.

Arris Group Inc. (ARRS) stock fell 7.62 percent to $12 in the after-market trading. Profit for the preliminary first quarter was $11.90 million or $0.09 per share, down from $18.99 million or $0.15 per share last year. Adjusted earnings declined to $0.16 per share from $0.24 per share. Revenue rose to $267.4 million from $266.7 million. Analysts had expected profit of $0.17 per share on revenue of $269.53 million.

Arris Group expects second quarter earnings of $0.06 to $0.10 per share, adjusted earnings of $0.16 to $0.20 per share and revenue of $260 million to $280 million, while Street analysts predict profit of $0.20 per share on revenue of $285.09 million.

Flextronics International Ltd. (FLEX) stock tumbled 6.79 percent to $7 in the after-market trading, as its fourth quarter earnings missed Street view. Adjusted earnings were $162 million or $0.21 per share, up from $130 million or $0.16 per share last year. Sales increased 15 percent to $6.9 billion. Analysts had expected earnings of $0.22 per share on revenue of $7.28 billion. Looking ahead, the company expects first quarter adjusted earnings of $0.20 to $0.23 per share, and revenue of $7.1 billion to $7.6 billion, while Street predicts profit of $0.23 per share on revenue of $7.61 billion.

Flextronics said its board has authorized the repurchase of up to $200 million of the company's outstanding ordinary shares. This authorization is in support of the current shareholder authorization for the repurchase of up to 10 percent of outstanding ordinary shares. This authorization is in addition to the programs previously announced on May 28, 2010 and August 12, 2010, each for $200 million in share repurchases and recently concluded.

TriQuint Semiconductor, Inc. (TQNT) stock tumbled 6.53 percent to $12.60 in the after-market trading, as it guided second quarter below Street view. The company expects second quarter adjusted earnings of $0.16 to $0.18 per share and revenue of $230 million to $240 million, while Street expects earnings of $0.21 per share on revenue of $241.3 million.

TriQuint reported earnings for the first quarter of $12.4 million or $0.07 per share, down from $13.7 million or $0.09 per share last year. Adjusted earnings rose 47 percent to $26.1 million or $0.15 per share. Revenue grew 24 percent to $224.3 million. Analysts had expected profit of $0.15 per share on revenue of $220.5 million.

Mellanox Technologies, Ltd. (MLNX) stock slid 5.43 percent to $27.89 in the after-market trading. Loss for the first quarter was $1.6 million or $0.05 per share, compared to a profit of $5.2 million or $0.15 per share last year. Adjusted profit was $9.2 million or $0.24 per share, down from $10.4 million or $0.29 per share last year. Revenues rose to 55.1 million from $36.2 million. Analysts had expected earnings of $0.14 per share on revenue of $54.81 million.

Cornerstone OnDemand Inc. (CSOD) stock slid 5.18 percent to $17.75 in the after-market trading.

CompuCredit Holdings Corp. (CCRT) stock declined 4.39 percent to $4.02 in the after-market trading.

Novellus Systems, Inc. (NVLS) stock decreased 4.27 percent to $33.20 in the after-market trading, as it guided second quarter below Street view. The company said in its conference call that it expects second quarter earnings of $0.65 to $0.80 per share and revenue to decline sequentially in the range of minus 10 percent to minus 20 percent or $330 million to $372 million for revenue. Street analysts predict profit of $1.01 per share on revenue of $403.30 million.

The company expects bookings to decline 10 percent to 25 percent, as its customers continue to absorb the large capacity additions made over the last eight quarters and the uncertainty facing them in their current business climate. The company expects shipments to be down sequentially to range of $339 million to $377 million.

Novellus reported earnings for the first quarter of $96.36 million or $1.04 per share, up from $41.26 million or $0.43 per share last year. Adjusted profit surged to $96.47 million or $1.04 per share from $45.49 million or $0.47 per share. Sales grew 49.6 percent to $413.2 million. Analysts had expected earnings of $1.03 per share on revenue of $410.06 million.

Telestone Technologies Corp. (TSTC) stock moved down 3.75 percent to $5.65 in the after-market trading.