AXT Down on Warning - TheStreet

AXT (AXTI) - Get Report was down 7.1% in late morning after the company said earnings for the third quarter, ending Sept. 30, would be 7 to 10 cents a share, sharply below analysts' estimates of 22 cents.

The supplier of base materials for semiconductor manufacturers cited "significant product cancellations" from several gallium arsenide customers. The company expects revenue between $27 million and $431 million.

AXT said its second-quarter outlook remained unchanged. Analysts are expecting second-quarter EPS of 22 cents, according to

Thomson Financial/First Call

.