Storage chipmaker revnues decline
LSI Corp reported lower-than-expected revenue for the third quarter as demand for its storage chips fell, sending its shares down about 5 percent in extended trading.
Revenue dropped about 3 percent to $607 million, missing the average market estimate of $611.4 million, according to Thomson Reuters I/B/E/S.
Net income slid to $36.5 million, or 6 cents per share, from $40 million, or 7 cents per share, a year earlier.
On an ajusted basis, the company earned 17 cents per share.
LSI’s chips are used in storage devices such as hard disks and flash drives.
(Reporting by Aditi Shrivastava in Bangalore; Editing by Don Sebastian)
More business news
War erupts over “stolen” Tweets – Business Day TV vs CNBC Africa
MTN grows data subscribers in SA
Former Apple CEO Sculley mulling BlackBerry bid
Loading ...