02micro (OIIM) Cuts Q3 Revenue Outlook
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02micro (NASDAQ: OIIM) revised its guidance for the third quarter of 2015. The company now expects its third quarter revenue to be approximately $13.5 million to $13.8 million, versus previous guidance of $15.0 million to $16.2 million. In addition, gross margin for the third quarter is expected to be 50% to 52%, unchanged from the previously provided guidance.
*** The Street sees Q3 revenue of $16.3 million.
The reduction in anticipated revenue for the third quarter is primarily the result of weaker than anticipated sales by our major customers in TV and Monitors. Due to the market conditions, these customers are also maintaining lower than normal inventories.
Sterling Du, Chairman and CEO of O2Micro commented, "We are disappointed by the soft demand in our business in the third quarter. This is primarily the result of weaker than forecasted demand by several of our large customers in backlighting. During this difficult period of revenue weakness, the Company will continue the cost saving programs and improve the operating efficiency to meet the challenges. As we control our expenses, we will continue our efforts to develop innovative technologies and products that we believe will produce our next generation of relevant, competitive products that will drive growth."
No conference call will be held in conjunction with this financial guidance update. Additional information will be available when the Company reports its third quarter results prior to market open on November 4, 2015.
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