Avago Technologies narrows fiscal 3rd-qtr outlook; now expects $550M revenue, tops Street view
By APTuesday, August 10, 2010
Avago Technologies narrows fiscal 3Q revenue view
SAN JOSE, Calif. — Chip maker Avago Technologies Ltd. on Tuesday narrowed its guidance for fiscal third quarter revenue, but the new forecast remains above Wall Street expectations.
Avago said it now expects revenue for the three months ended Aug. 1 to be about $550 million.
Previously, the company said it expected revenue to rise between 4 and 7 percent from the second quarter. The company posed revenue for the prior period of $515 million, implying a prior forecast of $535 million to $551 million.
Analysts polled by Thomson Reuters, on average, expect the company to post revenue of $542.8 million, with estimates ranging from $537 million to $545.9 million.
The company also said it plans to sell 24.8 million shares in a secondary offering.
Avago shares slid 80 cents, or 3.6 percent, to $21.50 in aftermarket trading, from their close in the regular session at $22.30.
