The Sunnyvale, Calif., chipmaker said after the bell Monday that revenue in its fiscal first quarter will be flat to down 3% sequentially, suggesting a range of $495 million to $510.6 million. Earnings per share will range 32 cents and 34 cents.
Analysts polled by Thomson Financial were expecting sales of $521.9 million with EPS of 38 cents.
The company said the new guidance owed to softer-than-expected aggregate bookings. Turns, orders that the company receives for fulfillment during the quarter, have also been below expectations.
"The mix of turns orders had deviated from earlier forecasts resulting in demand not matching inventory on hand," the company said.
Maxim said it would provide additional details about the change in guidance during its regular quarterly earnings conference call.
Shares of Maxim slipped 1.2%, or 37 cents, to $31 in extended trading