National Semiconductor Lowers GuidanceAugust 11, 2004 by Jeff Shepard
On the heels of a downgrade of the semiconductor industry by Lehman Brothers, National Semiconductor Corp. (Santa Clara, CA) lowered its revenue guidance for the fiscal first quarter, which ends August 29, 2004. The company is now forecasting a revenue decline of 4% to 5% sequentially, down from the $571.2 million in the fourth quarter.
"Our original revenue guidance of flat to up 3% was based on higher opening backlog offset partially by lower projected turns," said President and CEO Brian Halla. "But with turns orders being substantially less than we expected, our summer quarter revenues will trend down four to five points sequentially."