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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (3060)	9/17/2002 10:02:00 AM
From: Proud_Infidel	Respond to of 25522

Atmel downgrades third quarter revenue guidance Semiconductor Business News (09/17/02 09:50 a.m. EST) SAN JOSE, Calif. -- Atmel Corp. has lowered its revenue forecast for the third quarter of 2002, ending September 30, 2002, but also said that, due to progress in cost reduction within the company, Atmel would return to profitability sooner than previously expected. "After reviewing our quarterly financial results to-date, we believe revenues for the third quarter will be 3% to 5% below the second quarter 2002," said George Perlegos, Atmel's president and chief executive officer, in a statement. "The main reason is that business in Europe was slower than expected in August. Based on information currently available to us, we expect our ASIC business to grow in Q3 and beyond. Additionally, we expect our memory and RF businesses, to be flat in Q3 and start growing in Q4. Our microcontroller business will be lower in Q3 mainly due to slower military business in Europe, however our AVR core business continues to grow,” he said. "While market conditions continue to be challenging, we are making significant progress with our cost reduction program to return the Company to profitability sooner then we previously estimated," added Perlegos.