Linear Technology Warns Q1 Revenue to Miss Street View
Linear Technology (LLTC) slid in extended trading after the maker of high performance linear integrated circuits warned its fiscal first-quarter revenue will miss market expectations, while reporting weak results in its fiscal fourth quarter.
Shares of the Milpitas, California-based company retreated as much as 6% after inching higher 0.3% to $43.12 at the close of regular trading on Tuesday. The stock has lost 5.4% so far this year.
Net income increased to $132.7 million, or $0.54 per diluted share, in the three months ended June 28, from $135.2 million, or $0.53 per diluted share, in the year-earlier period.
Q4 quarterly revenue increased 3.8% to $379.5 million year-over-year.
Analysts on average were modelling earnings of $0.56 per diluted share on revenue of $385 million, according to Capital IQ.
Looking ahead, the company said it is “preparing for a difficult first fiscal quarter” due to the decline in bookings received in the June quarter, coupled with a sluggish global economic environment.
The company forecasts its Q1 revenue to decline sequentially in the 7% – 12% range. Analysts had been looking for a year-over-year increase of 6.3% to $393.3 million.