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.