Shares of

Microsemi

(MSCC)

tumbled 14% Monday after the chipmaker cut its fourth-quarter earnings and revenue guidance.

The company said late Friday that it now sees earnings of 25 cents to 27 cents a share for the current quarter, below its prior guidance for earnings of 29 cents to 31 cents a share.

Microsemi predicts revenue will be flat to up 2% from the third quarter. Previously, the company projected sequential revenue growth of 7% to 9%.

Analysts polled by Thomson First Call project earnings of 30 cents a share on revenue of $108.4 million, or sequential revenue growth of about 8%.

"The market weakness is generally across the board with no one market standing out," Microsemi said. "Order rates have been generally strong, but turns business expected in the quarter have not materialized to original forecast."

The company plans to release its fourth-quarter results on Nov. 16.

Microsemi shares recently were trading down $3.22 to $19.55, and hit a 52-week low of $19.50 earlier in the session. The stock's previous 52-week low stood at $21.20 on July 19; the shares reached a 52-week high of $31.85 on March 2.