Pericom Semiconductor Cuts Guidance
Pericom Semiconductor (PSEM) didn't want to be left out.
This morning, the integrated ciruits maker became the latest company in the chip sector to lower its guidance, citing a significant glut in inventory. As with numerous other companies, order cancellations and push-outs in January and February hurt Pericom's numbers.
Pericom projected third-quarter earnings of 16 cents a share. Five analysts polled by First Call/Thomson Financial arrived at a consensus estimate of 22 cents a share for the third fiscal quarter, which ends March 31.The company, which is based in San Jose, Calif., also forecast a 25% revenue drop from the second quarter, when the company had sales of $35.7 million. Pericom recently lost $1.38, or 9.6%, to $13, after being halted on the Nasdaq earlier this morning.
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