was down 3% in preopen
trading. After the close Wednesday, the chip equipment maker posted first-quarter earnings of 27 cents per share, beating the Street's lowered estimate of 24 cents but down from a year-earlier 35 cents.
The company said it could be two or three quarters before excess capacity eases and Credence sees a revival. Last week, the company said it would cut its workforce by 14%.
slashed its 2001 earnings estimate to 38 cents per share from $1 and sliced its 2002 outlook to $1.76 from $2.36.