Cypress Semiconductor Lowers Guidance, Shares Halted
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.
Click here for the latest after-hours quote.
“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.