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Shares of circuit board maker TTM Technologies Inc. sank Friday, a day after the Costa Mesa-based company reported mixed third quarter earnings and gave an adjusted profit target below Wall Street expectations.

Investors sent shares down 3.7% in early afternoon trading to a market value of $737.5 million.

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The company projects adjusted profits for the current quarter between $11.4 million and $17.2 million, lower than consensus estimates.

Analysts on average forecast adjusted profits of $21.3 million.

Sales are projected to be in the range of $360 million to $380 million in the December quarter, in line with Wall Street expectations.

TTM on Thursday reported revenue of $339 million for the third quarter, down 5.4% from a year earlier and missing analyst’s estimates of $346.5 million.

Adjusted profits topped $18.1 million, down 41.6% from a year earlier and beating analyst estimates of $15.6 million.

Rising demand for smartphones, touchpad tablets and e-readers in the current quarter are being offset by “global headwinds” for its conventional printed circuit boards, particularly in the networking and communications segment, Chief Executive Kent Alder said.