Wednesday January 14, 12:28 AM
UPDATE 2-Linear Tech profit down; sees Q3 rev lower than Q2
SAN FRANCISCO, Jan 13 (Reuters) - Analog chip maker Linear Technology Corp (NASDAQ: LLTC - news) on Tuesday posted a drop in second quarter net income, forecast third quarter revenues would miss analysts' expectations, and said the bottom was not in sight.
Shares fell 2.6 percent in after-hours trading.
The company said its net income in the quarter ended Dec. 28 fell to $84.2 million, or 38 cents a share, from $93.8 million, or 41 cents a share, in the year-ago period.
Chief Executive Lothar Maier said in a statement that he expected fiscal third quarter revenues 'will be down in the 15 percent to 20 percent range from the second quarter.' That would put revenue at around $200 million to $212 million, compared with Wall Street's average target of $244 million, according to Reuters Estimates.
'We believe we have not yet seen the bottom,' he said in the statement. 'Our bookings continue to be weak in the early part of this quarter.'
Doug Freedman, an analyst with Broadpoint.Amtech, said that the revenue guidance was 'slightly worse than expected, everything else looks good. But the revenue guidance is the overwhelming thing.'
Freedman also characterized the view that they have not yet seen the bottom as 'extremely cautionary.'
Linear Technology makes analog integrated circuits, used in a wide variety of devices.
Revenue fell to $249.2 million. Analysts had expected revenue of $254.6 million, according Reuters Estimates.
The company increased its quarterly dividend by a penny to 22 cents a share.
(Reporting by David Lawsky; editing by Carol Bishopric) Keywords: LINEARTECHNOLOGY/RESULTS
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