Spansion slashes its Q3 revenue due to softness in wireless market
Spansion (NYSE:CODE), a maker of flash memory, said Tuesday that it plans to lower its fiscal third-quarter forecast because of softness in the wireless consumer market, pushing shares down.
Spansion's stock was down 29 cents, or 2.12%, to trade at $13.38 in New York.
The Sunnyvale, California-based company now expects revenue to be around $250 to $270 million for the quarter ending Sept. 25. That is down from its previous forecast of $285 to $325 million.
Analysts, on average, had expected third-quarter earnings of 79 cents on revenue of $306.8 million.
Spansion said the bulk of the reduction is from the company's wireless products which have seen an unexpected decline in demand and pricing.
It also said revenue from wireless products is expected to be less than 10% of the total revenue for Spansion in the third-quarter.
Spansion makes flash memory which is used in memory cards, jump drives and solid state drives to store and transfer data between computers and other digital media.
Related news
- London Mining remains on track to hit 2012 production target at Marampa
- Ceres Power Holdings reports significant improvements of its fuel cell products
- Oxford Catalysts Group shares advance as it announces first start-up of FT reactor
- Mariana Resources kicks off drilling programme at Las Calandrias gold-silver project
- Orogen Gold begins Phase 1 drilling programme at Deli Jovan
- Magnolia Petroleum on track to hit 100 wells target by end-2012
- Mwana Africa sells 15pct stake in Freda Rebecca gold mine for $405k - UPDATE
