Silicon Storage Falls on Warning
Silicon Storage Technology (SSTI) - Get Report was down 13.3% after the memory chip maker lowered guidance for the second quarter late Wednesday, reducing its EPS estimate to between zero and 3 cents, vs. the consensus estimate of 6 cents.
The company now expects revenues between $60 million and $68 million for the period, down from $86 million in the first quarter. Silicon Storage said it is drastically reducing its wafer production rate in reaction to slow sales.
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