Reuters: Global Markets: Applied Micro Circuits cuts 4th-qtr outlook

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Applied Micro Circuits cuts 4th-qtr outlook Apr 10th 2012, 22:08 Tue Apr 10, 2012 6:08pm EDT (Reuters) - Chipmaker Applied Micro Circuits Corp (AMCC.O) cut its fourth-quarter forecast, sending its shares down 7 percent after the bell. The San-Jose, California-based company said it now expects an adjusted loss of 10 cents to 12 cents a share, wider than its prior forecast of a loss of 7 cents to 8 cents per share. Applied Micro Circuits also expects revenue 6 percent lower than the midpoint of its previous forecast of $52 million. Analysts on an average are expecting an adjusted loss of 8 cents a share on revenue of $52 million, according to Thomson Reuters I/B/E/S. The company said revenue was hurt by slowness in the service provider space and the overall wire line market weakness, adding that it would give more details when it announces its fourth-quarter results on April 26. Separately, the chipmaker said it amended its merger agreement with Veloce Technologies Inc, and is now expected to acquire the company in May or June 2012. Shares of Applied Micro Circuits were trading down 7 percent at $5.89 in after market trade on Tuesday. They closed at $6.34 on Tuesday on the Nasdaq.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions