Applied Micro Circuits CEO Takes Down Revenue Forecast

The chief executive of Applied Micro Circuits (AMCC Quote - Cramer on AMCC - Stock Picks) lowered the company's revenue guidance in a statement he read on television this afternoon.

The CEO, David Rickey, said the integrated circuits maker now expects fourth-quarter revenue of $125 million to $135 million.

First Call/Thomson Financial carries a top line estimate of $175.5 million, but that projection is based on only one analyst. The company, which is based in San Diego, had revenue of $57 million in the year-ago period.

Shares of Applied Micro were halted this afternoon, but last traded on Nasdaq at $25.31, down $1.44 on the day. The stock has traded as low as $24 today, and the 52-week closing low is $26.56.