Elantec Semiconductor (ELNT) was down 3.2% in preopen Island trading as the chipmaker revised its third-quarter earnings outlook to a range of 6 to 8 cents a share, below the Thomson Financial/First Call estimate of 11 cents.

The company said revenue would be down 30% to 35% from the second-quarter figure of $30.6 million on market softness.

Elantec also said it was cutting 15% of its workforce.