UPDATE - TriQuint lifts forecasts on strong wireless demand
Wednesday September 10, 5:30 pm ET
(Adds analyst expectations, details on other chip companies backing or raising forecasts)
SAN FRANCISCO, Sept 10 (Reuters) - TriQuint Semiconductor Inc. (NasdaqNM:TQNT - News) on Wednesday said it was raising its financial outlook for the third and fourth quarters, citing strong demand from the wireless phone market.
Triquint joins other chipmakers, including Texas Instruments Inc. (NYSE:TXN - News), the biggest maker of semiconductors for cellular phones, and Xilinx Inc. (NasdaqNM:XLNX - News) in either raising or backing earlier quarterly forecasts.
TriQuint said it is raising third-quarter revenue and gross margin forecasts, and reducing its loss per share expectations for the third quarter.
The Hillsboro, Oregon-based chip maker said it will post revenue of $75 million to $77 million, gross margins in the range of 25 percent to 28 percent, and loss per share of between 6 cents and 8 cents.
For the fourth quarter, Triquint said it expects revenue will be at the high end of its previously given range of $72 million to $76 million. It did not give a per-share forecast for the quarter.
Analysts expect Triquint to post a loss of 9 cents a share in the third quarter on revenue of $72.8 million, according to Reuters Research, and they forecast a loss of 7 cents on revenue of $75 million in the fourth quarter.
Shares of Triquint fell 45 cents, or 7.3 percent, to close at $5.68 on the Nasdaq amid a broad decline in semiconductor stocks on Wednesday. (Additional reporting by Ken Li in New York) |
