National Semiconductor's Quarter Going Better Than It Thought - TheStreet

National Semiconductor

(NSM)

upped its fourth quarter guidance on the heels of better than expected orders and bookings.

The analog chipmaker now expects revenue to increase 12% to 13% from $369.5 million in the third quarter. Previously, National Semiconductor estimated sequential sales growth of 6% to 9%.

"Overall orders and turns bookings both came in at a better rate than we had originally projected, as we continue to make good progress in our key target segments such as wireless handsets and displays," said Brian Halla, chief executive of National Semiconductor, in a statement.

National Semiconductor also said it would be cutting 150 jobs, or less than 2% of its global workforce. The reductions will come from its wireless networking and set-top box divisions. As a result of the headcount actions, the chipmaker will take a charge in the fourth quarter.

National Semiconductor is scheduled to report fourth-quarter results on June 6.