IDTI ($32-$29.50) Cap=$3.2Bil warns of lower Q3 revenues....(again !) 5mil share repurchase etc
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SANTA CLARA, Calif., Dec 6 (Reuters) - Integrated Device Technology Inc. (NasdaqNM:IDTI - news), a maker of microchips for networking and communications devices, on Thursday warned that its third-quarter revenues would fall 15 percent to 20 percent below the previous quarter on slackening orders.
The Santa Clara, California-based company, which has struggled in the steep downturn in the technology sector, said it now sees revenues as low as $77.68 million, from $97.1 million in the second quarter.
``This is the second quarter in which we have seen weak business conditions in Europe and Japan disrupt our business outlook,'' Chief Executive Officer Jerry Taylor said. Taylor said the rate of the revenue decline appears to be sharper than its customers are experiencing in their businesses.
``We believe this suggests that our products are being consumed by our customers at higher rates than our own current-quarter revenue shipments,'' he said.
Taylor said that assuming economic conditions stabilize in 2002 and existing component inventories are depleted, he believes orders related to current production systems should pick up, and there will be ``significant opportunity'' to increase revenue growth. |
