XLNX ($49 unchanged)earns below expectations, sees Q1 revenue decline
SAN JOSE, Calif., April 19 (Reuters) - Specialty semiconductor designer Xilinx Inc. (NasdaqNM:XLNX - news) said on Thursday its fourth-quarter net earnings fell short of expectations, adding to the growing ranks of chipmakers hurt by excess inventory and canceled orders.
Xilinx said fourth-quarter net earnings were $65.7 million, or 19 cents a share, compared with $78.3 million, or 22 cents a share, in the year-earlier period.
Analysts had expected earnings to range from 20 cents to 25 cents a share, with a consensus of 22 cents, according to research firm Thomson Financial/First Call.
Revenues rose 33 percent to $407 million from the year-ago period, but declined 10 percent from the third quarter.
Looking forward, the company said it expects first quarter revenues to decline 15 to 25 percent from the fourth quarter.
The company's biggest competitor, Altera Corp. (NasdaqNM:ALTR - news), on Wednesday posted a 16 percent decline in third quarter net earnings and forecast a 20 percent revenue decline for the fourth quarter.
Shares of Xilinx closed at $50, up $3.98, or 8.7 percent. Since the middle of last July, about the time when the semiconductor cycle began turning from boom to bust, Xilinx shares have fallen about 51 percent, slightly underperforming its peer group, the Philadelphia Stock Exchange semiconductor index (^SOXX - news). The index itself is down more than 48 percent over that time. |
