said today that its sales for the quarter ending in December will drop sequentially, citing a push-out in shipments of wireless LAN chips. As recently as October, the company had geared for revenue growth.
In after-hours trading, the stock slipped $1.63, or 11.3%, to $12.75. Earlier, it had closed down $1.07 or 6.9%.
Sales are expected to decline 5% to 7% in the fourth quarter, compared with earlier guidance for growth of 1% to 3%.
Earnings per share will total 18 cents rather than 20 cents.
In a statement, CEO Rich Beyer explained, "In the September quarter, we experienced a very high rate of shipments to our WLAN customers, and this continued through October. However, over the past month we have seen a reduction in some of our customers' short-term requirements, and in the past two weeks we have actually had several significant push-outs from this quarter.
"It now appears that some customer shipment requests for our products in the third quarter and October were ahead of end demand," said Beyer.
The company added that both its analog and wireless networking lines will still see growth compared with the same quarter last year, however, up 15% and 45%, respectively.