Lower revenue outlook hits TriQuint shares
Shares in leading GaAs chip manufacturer TriQuint Semiconductor have been hit after the company lowered its revenue expectations for the second quarter of the year.
For the three months up until June 30, TriQuint had previously said that it would post revenue of between $130 million and $135 million.
But, citing delays in the manufacturing ramp-up of some new products, and what it described as "shipment timing issues", that figure has now been down-graded to just $120 million.
Shortly after trading opened on Thursday, July 10, TriQuint s stock was down nearly 10 per cent on its Wednesday close, at $5.26.
However, the Hillsboro, Oregon, company appeared to dispel any worries that the lower sales were the result of a slowing global economy or of slack demand for its RF products.
Bookings remain very strong, it said, citing a book-to-bill ratio of 1.3 in the second quarter. As a result, TriQuint s management expects the company to show a return to form in the third quarter, which it is currently about half-way through, and post revenue of between $150 million and $160 million.
TriQuint is expected to provide more details when presenting its second-quarter results to investors on July 23.
