Silicon Laboratories Inc. (SLAB) announced Wednesday morning that it reduced its third quarter revenue forecast to between $118 million and $122 million, from prior expectations of $136 million to $141 million. Adjusted EPS for the quarter is expected to come in between $0.50 and $0.53, which is below the consensus estimate of $0.72.
Silicon Laboratories gapped open sharply lower Wednesday and is now down 3.78 at $34.70 in early trade. The stock has dropped below nearly a one-month range and has set a new low for the year.
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