National Semiconductor (NSM) said late Monday afternoon that its sales fell 9% in the second quarter and predicted a 30% drop in revenue for the third quarter.
The chipmaker reported sales of $422 million and net income of $34 million, or 14 cents a share, for the quarter that ended Nov. 23, down from $466 million in sales, $80 million in net income and 33 cents a share for the first quarter. Analysts had expected EPS of 21 cents and revenue of $427.32 million.
In the year-ago second quarter, National Semi earned $90.6 million, or 33 cents a share.
National Semi forecast a 30% drop in revenue for the third quarter, suggesting it expects sales of $295.4 million for that period.
Analysts had predicted third-quarter revenue of $385 million.
National Semi's shares closed up 3 cents, or 0.3%, at $10.29 Monday but were falling 7.2% to $9.55 in after-hours trading.
This article was written by a staff member of TheStreet.com.