Cypress Semiconductor Lowers Guidance, Shares Halted
Technology Editor, CNBC.com
Cypress Semiconductors shares were halted late Tuesday after the company updated their first quarter guidance.
The company is expecting first quarter revenue of $180 million to $190 million. Analysts estimated the revenue at $206 million.
Cypress also reported that it sees first quarter earnings per share in the range of about 8 cents to 11 cents, the consensus has been 16 cents.
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“We have recently seen some order decreases, mostly in certain wire line and handset customers," stated Brad Buss, Executive Vice President of Finance and CFO, in a press release."In addition we are seeing weaker than expected revenues from our distribution channel, mainly due to lower turns business in Europe and Asia. These factors are resulting in a negative impact to our previously expected Q1 2012 revenue,” according to the release.