Integrated Device Tech (IDTI) Cuts Q2 Revenue Guidance
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Integrated Device Technology, Inc.(NASDAQ: IDTI) today updated its projections for the fiscal second quarter of 2012 which were previously provided in its quarterly earnings call on August 1, 2011.
The Company currently anticipates revenue for the fiscal second quarter of 2012 to be between $138 million and $141 million, down 7 to 9 percent sequentially. Prior projections for the fiscal second quarter of 2012 were for revenue to be in the range of $147 million to $153 million. The Street is currently at $149.41 million.
“The broad-based weakness in customer orders we experienced in the latter half of the June quarter has continued through September,” said Dr. Ted Tewksbury, president and CEO of IDT. “In the face of weaker macro-economic growth and shorter component lead times, many of our customers have focused on controlling inventory and remain cautious about placing new orders. This has resulted in lower than anticipated turns-fill for the September quarter.”
The Company currently anticipates revenue for the fiscal second quarter of 2012 to be between $138 million and $141 million, down 7 to 9 percent sequentially. Prior projections for the fiscal second quarter of 2012 were for revenue to be in the range of $147 million to $153 million. The Street is currently at $149.41 million.
“The broad-based weakness in customer orders we experienced in the latter half of the June quarter has continued through September,” said Dr. Ted Tewksbury, president and CEO of IDT. “In the face of weaker macro-economic growth and shorter component lead times, many of our customers have focused on controlling inventory and remain cautious about placing new orders. This has resulted in lower than anticipated turns-fill for the September quarter.”
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