Shares in the French tech company

Wavecom

(WVCM)

are taking a hammering in premarket trading. after the company lowered its fourth-quarter guidance, partly because of the weak dollar.

Shares were down $4.02, or 24%, to $12.32, following the company's announcement it was slashing its revenue forecast almost 23%.

The company now anticipates sales of 57 million euro to 63 million euro, down from its previous forecast of 70 million euro to 78 million euro.

Wavecom is based near Paris and provides software and hardware for wireless devices.

The dollar has hit a series of record lows against the euro this year. A euro currently fetches about $1.24 dollars, about 50% more than in 2000, its lowest level in history.