plunged in the premarket after saying it expects second-quarter revenue will fall significantly from the first quarter, and that it sees an operating loss in its recording head business.
The Fremont, Calif., company expects revenue to be $136 million in its just-completed first quarter and expects the recording-head business to post earnings of 3 cents a share.
The outlook for the current second quarter is based on "order bookings and shipments during the first few weeks of the current quarter." The company expects sequential revenue improvement in the third quarter.
The company's shares were down $1.59, or about 26%, to $4.50 on Instinet.