Cirrus shares post a sharp 26% decline; net is not expected to meet forecasts
Article Abstract:
Cirrus Logic shares fall 26% after the company discloses that earnings for the fiscal 3rd qtr ending Dec 30, 1995 will not reach analysts' predictions, due to slowing sales to home computer vendors. The company says that earnings for the quarter will reach only 13 cents to 19 cents per share, in contrast to the 46 cents per share that analysts had forecast. Cirrus also anticipates that 4th qtr earnings for the fiscal year will either not increase or will increase no more than 15%. The company suffers from a lack of chips designed to handle the advanced audio and video material common in the home market. About 40% of Cirrus' income is generated by chips for graphics functions, but it has no 3-D graphics chip. Fiscal third-quarter revenues are forecast to reach $290 million to $300 million, in comparison to the $228.6 million for the same period one year earlier. The stock closed at $19.875, down $7.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1995
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Cirrus Logic's poor outlook sends stock tumbling, clouds industry
Article Abstract:
Cirrus Logic Inc announced that its 3rd fiscal qtr net income would be about 13 to 19 cents per share, which is far below the average analysts estimate of about 44 cents per share. The lower-than-expected earnings estimates sent Cirrus Logic's stock price down $7 to $19.875 on Dec 28, 1995. Cirrus also reported that its revenue for the quarter would be between $290 and $300 million, up from $228.6 million in 1994. The poor earnings results also caused other semiconductor manufacturers' stock prices to drop. Cirrus Logic manufacturers semiconductors for multimedia uses, data storage chips and communications chips. The company has been particularly vulnerable to a slowdown in low-end PCs because its major Taiwanese-based customers cater to that market.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1995
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Motorola's profits top estimates slightly
Article Abstract:
Motorola has announced it slightly bypassed analysts' expectations for its 2nd qtr 1997, while Advanced Micro Devices reported its earnings were only half of what had been predicted by analysts. Motorola's net income for the quarter was 44 cents a share, or $268 million. The company posted a one time charge during the quarter of $170 million, in order to withdraw from the standard memory chip market. Nextel Communications' demand for huge quantities of networking equipment accounts for Motorola's successful quarter. Advanced Micro Devices is struggling to remain profitable in the high-technology market. The company earned seven cents per share, or $10 million, on $594.6 million of revenue during its second quarter, ended Jun 29, 1997.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1997
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