Agere Systems (AGR) Guides Lower
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Agere Systems (NYSE: AGR) now expects revenues in the quarter ending March, 2007 to be approximately 12 percent lower than the $372 million reported in the quarter ended December, 2006 (consensus is $368.95 million). The company does expect GAAP earnings per share to increase substantially versus the December, 2006 quarter, reflecting the sale of its facility in Orlando, Florida and continued strong expense control.
The company cited inventory corrections at several leading customers in its Networking and Storage businesses as the reason for the shortfall.
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