Saifun Semiconductor's ( SFUN) stock took a nosedive Monday after the company projected a worse-than-expected revenue outlook for the current quarter.The Israeli chip firm also announced that President Kobi Rozengarten has "asked to be relieved of his duties," after nine years at the company. Saifun's fourth-quarter sales took an expected clipping, following the October announcement that it had lost one of its key customers. Revenue in the three months ended Dec. 31 totaled $14 million, down 16% year over year, and in line with analysts' expectations. Saifun posted a net income of $6.3 million, or 20 cents a share, beating analysts' expectations by a penny. At this time last year, Saifun had a net income of $8.6 million, or 15 cents a share. But Saifun's guidance for the current quarter fell short of Wall Street expectations, owing to the continuing vacuum left by memory chipmaker Qimonda's ( QI) decision to stop licensing Saifun technology. Management projected first-quarter revenue between $9.5 million and $10.3 million. Analysts polled by Thomson Financial were looking for $11.9 million. In midday trading Wednesday, shares of Saifun plunged 17.5%, or $3.08, to $14.49 -- a 52-week low. Saifun's stock is down 50% since the news that Qimonda, the memory subsidiary of Infineon Technologies ( IFX), planned to drop Saifun's technology. Saifun licenses intellectual property for a flash-like memory technology dubbed NROM.