Vitesse Semiconductors (VTSS) was down 6.4% in preopen Instinet trading after the network and communications chip maker lowered its guidance for the current quarter.
Late Monday, Vitesse said revenue for the fourth quarter would be in the range of $37 million to $40 million, vs. an earlier estimate of about $50 million. The loss per share is now expected to be 12 to 15 cents, vs. the consensus loss estimate of 11 cents published by Thomson Financial/First Call.
Vitesse also said the coming first-quarter loss per share and revenue would be roughly flat with the fourth quarter. The company blamed the lowered numbers on the slowdown in tech spending.