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Non-Tech : EARNINGS REPORTING - surprises, misses & more
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To: 2MAR$ who wrote (341)10/17/2000 6:52:27 PM
From: 2MAR$  Read Replies (1) of 762
 
RFMD (Tankage to $15) sees lower revenue for third quarter

GREENSBORO, N.C., Oct 17 (Reuters) - RF Micro Devices Inc. (NasdaqNM:RFMD - news), which makes amplifier microchips for wireless communications devices, said on Tuesday that its lower-than-expected order activity in the second quarter will hurt revenues in the third quarter.

RF Micro expects revenues for the December quarter to be down sequentially about 20 percent, which would result in diluted earnings per share in the range of about four cents to five cents.

The company said an overly optimistic forecast earlier in the year for the growth of the market has led to excess inventories of handsets, which has reduced component demand while these inventories are being reduced.

``Obviously, we are disappointed by order activity in the September quarter and our preliminary outlook for the December quarter,'' said David Norbury, president and chief executive officer. ``We believe, however, that this is a short-term market correction issue for the company because of the significant production programmes we expect to begin ramping in the March and June quarters.''

Shares closed down $3-3/8 at $23 on Tuesday, off a 52-week high of $92-1/4, up from a year low of $19-13/16.
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