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posted fourth-quarter earnings that fell short of Wall Street's expectations, blaming excess inventories and canceled orders, and the chipmaker warned that it expects revenue to decline sequentially in the upcoming fiscal quarter.

Earnings for the quarter fell to $65.7 million, or 19 cents a share, from $78.3 million, or 22 cents a share, in the year-ago period. The company earned $109.3 million, or 31 cents a share, in the latest third quarter. Analysts expected the company, which last month said revenue

would fall short, to earn 22 cents a share in the latest quarter.

The San Jose, Calif., chipmaker said revenue for the fourth quarter ended March 31 fell to $407 million from $450.1 million in the third quarter, but rose from $306.6 million a year ago. The company expects the top line to fall 15% to 25% sequentially in the first fiscal quarter.