Reuters: Global Markets: Volterra forecasts weak fourth quarter, shares slip

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Volterra forecasts weak fourth quarter, shares slip Oct 22nd 2012, 22:40 Mon Oct 22, 2012 6:40pm EDT (Reuters) - Chipmaker Volterra Semiconductor Corp (VLTR.O) forecast fourth-quarter results that were below analysts' expectations, sending its shares down as much as 15 percent after the bell. The company said on a conference call that it expects fourth-quarter revenue to be between $38 million and $40 million. On an adjusted basis, it expects to earn 23 cents to 28 cents per share. Analysts on average were expecting a fourth-quarter profit of 34 cents per share on revenue of $45.1 million, according to Thomson Reuters I/B/E/S. The company, which makes low-voltage power-supply chips for computer servers, digital storage devices and laptops, said it expects notebook revenue to be down due to weak sales forecasts from its customers and a dip in overall PC demand. The company counts International Business Machines Corp (IBM.N), Hon Hai Precision Industry Co Ltd (2317.TW) and Flextronics International (FLEX.O) among its biggest customers. IBM reported lower-than-expected results last week as customers put off spending on big ticket items. Net income for the third quarter fell to $6.1 million, or 23 cents per share, from $6.9 million, or 26 cents per share, a year earlier. Excluding items, it earned 33 cents per share. Revenue rose 2 percent to $42.1 million. Analysts on average were expecting a profit of 32 cents per share on revenue of $44 million. Shares of the Fremont, California-based company were trading at $15.55 after market. They closed at $17.95 on Monday on the Nasdaq. (Reporting by Neha Alawadhi in Bangalore; Editing by Roshni Menon) Link this Share this Digg this Email Reprints

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