The top after-market NASDAQ Stock Market losers are: Smith Micro Software, FARO Technologies, DragonWave, Atmel, Kulicke & Soffa Industries, ISTA Pharmaceuticals, EarthLink, Windstream, News Corp., and Sierra Wireless.

Smith Micro Software Inc. (SMSI) stock plunged 9.50 percent to $6.57 in the after-market trading, as it guided second quarter revenue below Street view. The company expects second quarter revenue of $15 million to $20 million, while Street predicts $24.21 million. The company said the revenue guidance is based on current financial data and management's current plans and assumptions.

The company reported first quarter loss was $7.8 million or $0.22 per share, compared to a profit of $1.6 million or $0.05 per share last year. Adjusted loss was $4.7 million or $0.13 per share compared to a profit of $6.2 million or $0.18 per share last year. Revenue fell to $17.8 million from $29.9 million. Analysts had expected a loss of $0.12 per share on revenue of $17.17 million.

FARO Technologies Inc. (FARO) stock fell 5.52 percent to $38.50 in the after-market trading. Profit for the first quarter was $3.2 million or $0.20 per share, up from $2.1 million or $0.13 per share last year. Sales grew 24.4 percent to $52.6 million. Analysts had expected profit of $0.21 per share on revenue of $51.49 million. New order bookings grew 40.5 percent to $55.9 million.

Separately, FARO Technologies said the District Court of Massachusetts has ruled in its favor in its on-going patent dispute with Nikon Metrology after trial, finding that Nikon's asserted U.S. Patent No. 6,611,617 (the '617 patent) is unenforceable due to inequitable conduct before the Patent Office. The court found that the inventor withheld material information from the Patent Office during the prosecution of the patent application.

FARO has always maintained that it doesn't infringe the '617 patent or the related U.S. Patent No. 7,313,264 (the '264 patent). FARO also believes that the '264 patent is both unenforceable and invalid. The Company intends to pursue its attorneys fees through its counterclaims, stated Bill Cass of Cantor Colburn LLP, FARO's lead trial lawyer in this matter.

DragonWave Inc. (DRWI) stock tumbled 5.28 percent to $6.99 in the after-market trading. The company expects first quarter revenue of about $15 million, while Street predicts $22.64 million. The company reported its fourth quarter loss of $8.9 million or $0.25 per share, compared to a profit of $12.8 million or $0.34 per share last year. Revenue fell to $15.1 million from $61.0 million. Analysts had expected a loss of $0.16 per share on revenue of $15.19 million for the fourth quarter.

Atmel Corp. (ATML) stock fell 5.02 percent to $14.01 in the after-market trading. Profit for the first quarter was $74.6 million or $0.16 per share, up from $16.6 million or $0.04 per share last year. Adjusted earnings were $122.2 million or $0.26 per share, up from $25.2 million or $0.05 per share last year. Revenue grew 32 percent to $461.43 million. Analysts had expected profit of $0.15 per share on revenue of $452.80 million.

Separately, Atmel said its board of directors has authorized an additional $300 million allocation of funds to its existing common stock repurchase program. The program does not have an expiration date. The number of shares repurchased and the timing of repurchases will be based on the level of cash balances, general business and market conditions, regulatory requirements and other factors, including alternative investment opportunities. The addition of $300 million to our current program reflects the strength in our business and our ongoing confidence in our outlook for the company, said Stephen Cumming, Atmel's Vice President and Chief Financial Officer.

Kulicke & Soffa Industries Inc. (KLIC) stock slid 4.23 percent to $10.20 in the after-market trading.

ISTA Pharmaceuticals Inc. (ISTA) stock declined 3.70 percent to $10.15 in the after-market trading. Loss for the first quarter was $84.1 million or $2.49 per share, compared to a profit of $476,000 or $0.01 per share last year. Adjusted cash loss widened to $5.6 million or $0.17 per share from $4.9 million or $0.11 per share last year. Revenue rose to $36.7 million from $28.3 million. Analysts had expected a loss of $0.15 per share on revenue of $39.25 million. For the fiscal 2011, the company reaffirmed its adjusted cash earnings guidance of $0.26 to $0.32 per share and revenue outlook of about $175 million to $190 million, while Street predicts profit of $0.17 per share on revenue of $182.58 million.

In addition, the company said it plans to file a universal shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (SEC) later May 4. The company's intent with respect to the registration statement is to provide the company with flexibility for financing future growth through acquisitions and strategic transactions, and does not reflect a change in its financing strategy. At present, the company has no specific plans to issue any form of securities under the registration.

When the registration statement is declared effective by the SEC, ISTA will be able to offer and sell up to $150 million of any form of securities including, but not limited to, equity, debt and other securities as described in the registration statement. Proceeds from the sale of any securities will be used for the purposes described in a prospectus supplement filed at the time of such offering.

EarthLink Inc. (ELNK) stock decreased 3.61 percent to $7.75 in the after-market trading.

Windstream Corp. (WIN) stock declined 3.56 percent to $12.75 in the after-market trading. Profit for the first quarter was $23.5 million or $0.05 per share, down from $74.1 million or $0.17 per share last year. Revenue grew 21 percent to $1.02 billion, while pro-forma revenue declined 1.8 percent to $1.02 billion. Analysts had expected profit of $0.19 per share on revenue of $1.03 billion. For the fiscal 2011, the company still expects revenue of $4.015 billion to $4.140 billion, while Street predicts $4.09 billion. Windstream declared a regular quarterly dividend of $0.25 per common stock, payable on July 15, to stockholders of record as of June 30.

News Corp. (NWS) stock decreased 3.34 percent to $17.93 in the after-market trading, as its third quarter earnings and revenue missed Street view. Profit was $639 million or $0.24 per share, down from $839 million or $0.32 per share last year. Adjusted profit was $676 million or $0.26 per share, down from $760 million or $0.29 per share last year. Revenue fell to $8.26 billion from $8.79 billion. Analysts had expected earnings of $0.27 per share on revenue of $8.42 billion.

Filmed Entertainment recorded revenues of $1.55 billion, down 36 percent over last year, as the prior year results in this segment were driven by the theatrical box office success of Avatar. As we anticipated, News Corporation's third quarter financial results faced challenging comparisons when set against last year's record Avatar contribution at our Filmed Entertainment business, said Rupert Murdoch, chairman and chief executive officer of News Corp.

Sierra Wireless Inc. (SWIR) stock moved down 3.20 percent to $10.60 in the after-market trading. The company expects second quarter adjusted loss of $0.07 to $0.12 per share and revenue of $140 million to $145 million, while Street predicts profit of $0.08 per share on revenue of $157.82 million.

With respect to the recent natural disaster in Japan, the company said it expects to see some modest impact on its business in the second quarter. The company said it experiencing some component supply constraints and, in the second quarter, it expects the impact to be about $2 million in revenue. For the second half of 2011, the company expects year-over-year revenue and earnings growth.

The company reported first quarter loss of $7.8 million or $0.25 per share, compared to a loss of $7.5 million or $0.24 per share last year. Adjusted loss was $2.4 million or $0.08 per share, compared to a profit of $4.1 million or $0.13 per share last year. Revenue fell 5 percent to $144.3 million. Analysts had expected a loss of $0.03 per share on revenue of $142.84 million.